Upward movement in India’s job market; Money View raises $75M
reported The Wall Street Journal.users, your password-sharing days are about to be over. The company said it will put an end to that arrangement starting in 2023, asking people who share accounts to pay to do so,
Guess, love is no longer sharing a password for the streaming service.
In other news, Indians spent 11 billion minutes travelling a total distance of 4.5 billion kilometres inin 2022, with Delhi-NCR recording the highest number of rides followed by Bengaluru.
Lastly, a throwback to some of the top-notch pictures clicked by the James Webb Space Telescope.
All in all, a worthy successor to the Hubble!
In today’s newsletter, we will talk about
- Signs of improvement in India’s job market
- Money View raises $75M at $900M valuation
- Nithin Kamath on how to improve your odds
Here’s your trivia for today: Which is the world’s tallest uninterrupted waterfall?
After an upward momentum in hiring across industries, there was a significant slump in the job market, with companies not only pressing the brakes on hiring but also laying off people. The tides changed in April 2022, when rising inflation and recession threats saw enterprises trimming their hiring targets.
However, there are now indications of the market improving in the near future, especially in the retail, real estate, BFSI, and automotive sectors.
- The banking, financial services and insurance (BFSI) industry witnessed the strongest demand for professionals in 2022, marking an annual growth of 25% in hiring.
- In addition to BFSI, telecom/ISP, production and manufacturing, automotive/ancillaries/tyres, and retail were the top industries in terms of hiring activity.
- Hiring decreased in media and entertainment, engineering, cement, construction, iron/ steel, education, FMCG, food, and packaged food.
Round: Series E
Round: Pre-Series A
has raised $75 million in its ongoing Series E funding led by Apis Partners, a UK-based asset manager at a valuation of $900 million, with participation from existing investors Tiger Global, Winter Capital, and Evolvence.
Co-founder and CEO Puneet Agarwal said, “Our performance and growth over the past two years has allowed us to drive our mission of true financial inclusion in India with great success.”
Nearly a unicorn:
- The Bengaluru-based startup plans to use this capital to scale its credit business, grow the team, and expand its product portfolio with services such as digital bank accounts, insurance, and wealth management solutions.
- Earlier this year, the Tiger Global-backed fintech startup raised $75 million in a Series D round in March.
- The company said it is operating at an annualised disbursal run rate of $1.2 billion with $800 million in assets under management (AUM).
For a generation of entrepreneurs,is a significant role model, not just for the scale at which it has grown but also for doing so while sticking to its values.
In an insightful conversation at TechSparks with YourStory Founder and CEO Shradha Sharma, Nithin Kamath, the 43-year-old Co-founder and CEO of Zerodha, discussed multiple facets of his tryst with trading and journey as an entrepreneur.
Nuggets of wisdom:
- Nithin is insistent on introducing the concept of money—including risk-taking and compounding—early in schools and colleges.
- He believes the one skill India needs to become both wealthy and inclusive is entrepreneurship. Key to this are decision frameworks on risks and rewards and developing storytelling skills to inspire more people to become entrepreneurs.
- While some industry insiders and experts believe in external benchmarks such as valuation as key measures of a company’s worth, the entrepreneur reiterates a simple fact—what might be right for an investor may not always be right for the customer.
News & updates
- Record levels: India is set to rank among this year’s best-performing major stock markets globally, overcoming concerns about higher interest rates and an economic slowdown that has mired peers. The S&P BSE Sensex Index is up 3% so far in 2022, the biggest gain after measures in Singapore and Indonesia.
- Massive drop: Disney and James Cameron’s “Avatar: The Way of Water” snared an estimated $56 million during its second weekend in theatres, a 58% drop from its debut. A decline in ticket sales is common for blockbuster titles, with most seeing a 50% to 70% slip.
- The richest five: The year 2022 has seen the wealth of most of the top billionaires of the world eroding, with market volatility resulting in big swings in wealth throughout the year. After a round of musical chairs, the top five billionaires are Bernard Arnault, Elon Musk, Gautam Adani, Bill Gates, and Jeff Bezos.
Which is the world’s tallest uninterrupted waterfall?
Answer: Venezuela’s Angel Falls, with a height of 3,212 ft and a plunge of 2,648 ft.
We would love to hear from you! To let us know what you liked and disliked about our newsletter, please mail [email protected].