India’s startup story to rebound: Mohandas Pai; Batting for girls in tech

Hello,

Happy Independence Day!

As we mark 76 years of freedom this year, Indian startups have become a crucial pillar in building a new India—armed with technology, skilled youth, and a thriving business ecosystem. 

ICYMI: This Independence Day, revisit these landmarks from across India that witnessed the country’s freedom struggle. 

Back to regular programming!

New Delhi-based TrackOn has been acquired by Pune-based logistics service provider Xpressbees in an undisclosed all-cash transaction. This deal aims to help Xpressbees tap into the small and medium-sized enterprises sector through TrackOn’s franchise network. 

Elsewhere, Ranjan Pai, Chairman of Manipal Group, is in talks to invest Rs 250 crore in mom and babycare brand FirstCry as part of a secondary share sale at a valuation of $3 billion. FirstCry is reportedly slated to go public next year after deferring its original IPO plan in light of market volatility.

In other news, BYJU'S has appointed Richard Lobo, former EVP and Head of Human Resources of Infosys, as an exclusive advisor to help transform the edtech's HR function and strengthen its employee-centric culture.  

The development comes after the edtech firm appointed former Infosys CFO Mohandas Pai and Rajnish Kumar, former Chairperson of State Bank of India, to its advisory council in July.

In today’s newsletter, we will talk about 

• Indian startups' growth
• Batting for girls in tech
• CarTrade buys Olx’s auto biz

Here’s your trivia for today: Which place has the longest one-word name in Europe?

Investor

Mohandas Pai on Indian startups' growth

Industry veteran T V Mohandas Pai is ever the optimist when it comes to the Indian startup ecosystem. Despite the challenges of funding, layoffs, and governance issues, Pai believes startups in the country will play a pivotal role in the economy going forward, riding on the wave of the digital revolution.

In a candid interview with YourStory, Pai spoke about several issues pertaining to the Indian startup ecosystem and how startups can navigate challenges, move forward, and grow with confidence.

Ecosystem insights:

• Recently, the co-founder of VC firms Aarin Capital and Exfinity Ventures was inducted into the advisory council of BYJU'S, as the edtech firm seeks to find its way through an arduous phase. 
• “I'm very positive because I see the growth every single day. We should not be disheartened by the so-called funding winter which is very exaggerated. These are normal cycles which happen, which have happened and will happen again. Life is never a one-way street,” Pai said.
• He added, “We need at least $10 billion to be spent on innovation every year, either by the Indian industry or governments. Otherwise, you cannot produce companies which are leading edge. It takes 8-10 years to show results in deep technology.”

Women in Tech

Batting for girls in tech

Across her career of 22 years, Kirti Kama, Senior Vice President, Technology at Mastercard, has traversed diverse experiences across domains such as telecom, manufacturing, and digital payments. 

In our Women in Tech series this week, Kama speaks about her 22-year career, the company’s Girls4Tech STEM education program, and why women need role models for guidance and support.

Girls in STEM:

• Kama admits it’s not easy for all women in tech to reach the top, even if they are talented, skilled, and capable of doing so.
• She believes female role models can remove the uncertainty or hesitation in a woman’s mind that it’s not difficult to balance work and life.
• Mastercard’s Girls4Tech programme aims to encourage and inspire young girls about STEM education and careers through a simple and gamified learning program. Globally, it has reached over 3.5 million girls with the aim to reach 5 million by 2025.

Mobility

CarTrade buys Olx’s auto biz

Auto platform Cartrade Tech Limited acquired a 100% stake in Sobek Auto India Private Limited (Sobek) from its holding company OLX India. The acquisition, announced in July, is for a cash transaction of Rs 535.54 crore for equity shares of Rs 75.09 lakh. 

Key takeaways:

• As per a stock exchange filing, Sobek Auto reported a turnover of Rs 1,110.4 crore for FY22, up from Rs 592.3 crore in FY21.
• CarTrade, in collaboration with OLX, will attract roughly 68 million average monthly unique visitors and have 32 million listings on an annual basis.
• The combined vehicles auctioned would be approximately 1.3 million annually. In total, there would be more than 4,000 employees, with a physical presence in over 100 cities.

News & updates

• Arming up: SoftBank Group is in talks to acquire the 25% stake in Arm it does not directly own from Vision Fund 1. The discussions come as SoftBank, which currently owns 75% of Arm, is preparing to list the chip designer on Nasdaq next month at a valuation of $60-70 billion.
• Worse signs: iPhone maker Hon Hai expects 2023 sales to fall after previously forecasting flat revenue. The Taiwanese company now expects most of its main business segments, including smartphones, to contract “slightly” this quarter and over the entire year.
• Flying luxe: Airlines spent decades cramming as many seats into coach as possible but are now focusing on adding roomier seats in a chase for high-spending travellers. This is because customers are showing a willingness in the wake of the pandemic to pay for more space on board.

Which place has the longest one-word name in Europe?

Answer: Llanfairpwllgwyngyllgogerychwyrndrobwllllantysiliogogogoch. 

A small village in Wales with a 19-syllable name, it is the longest place name in Europe and the longest one-word name of any municipality in the world. It translates to, “St Mary's Church in the hollow of white hazel near a rapid whirlpool and the Church of St Tysilio near the red cave”.

We would love to hear from you! To let us know what you liked and disliked about our newsletter, please mail [email protected]. 

If you don’t already get this newsletter in your inbox, sign up here. For past editions of the YourStory Buzz, you can check our Daily Capsule page here.