BharatPe revenue up nearly 3X in FY23; Top 10 startup stories of 2023

Hello,

On Tuesday, EV financing startup RevFin secured $14 million in a Series B funding round led by Omidyar Network to support the financing and leasing of EVs, expand its geographical footprint, and more.

Earlier this month, the India-specific entity of Omidyar Network said it would refrain from making new investments in the future. But it is committed to closing follow-on rounds that have been previously committed.

Speaking of funding, Scope, an invite-only networking platform for the startup ecosystem, launched a $45 million VC fund focused orn driving innovation in the fintech and gaming sectors. 

Also, Code.org, the US educational non-profit, filed a lawsuit in a California district court alleging that BYJU’s subsidiary WhiteHat Jr breached a licensing contract by failing to pay fees while continuing to use Code.org’s platform.

WhiteHat Jr, which sold to BYJU’s for $300 million in 2020, partnered with Code.org last year and agreed to pay $4 million over four years to license Code.org’s coding education platform. 

Meanwhile, India will witness a more than 83% increase in investments in renewable energy projects to around $16.5 billion in 2024, the power ministry said, which aligns with India's ambitious target of having 500 GW of renewable energy by 2030.

Here’s why experts are warning against sharing your secrets with ChatGPT! 

Lastly, check out this list of interesting cars hitting the market in 2024.

In today’s newsletter, we will talk about 

• BharatPe revenue up nearly 3X in FY23
• A tale of Gen Z’s social media obsession
• Top 10 startup stories of 2023

Here’s your trivia for today: In the United Kingdom, what is the day after Christmas known as?

Fintech

BharatPe revenue up nearly 3X in FY23

Fintech firm BharatPe narrowed its losses and nearly tripled its operating revenue in FY22-23 compared to the previous fiscal year, driven by substantial growth and strategic advancements across key business segments.

The Tiger Global-backed company reported Rs 886 crore in loss before tax for FY23, down from Rs 5,594 crore in the previous financial year. Its EBITDA loss decreased by about Rs 158 crore. 

Key takeaways:

• Its operating revenue saw a surge of 181.6%, touching Rs 904 crore in FY23 compared to Rs 321 crore in FY22.
• BharatPe said its merchant lending grew as it recorded a 129% increase in loans, totalling Rs 5,339 crore. 
• Its Swipe business saw a 63% rise in total payment volume, and it installed 800,000 new soundbox devices in FY23.

YS Reviews

A tale of Gen Z’s social media obsession

Millennial angst and Gen Z relationship drama form the crux of Kho Gaye Hum Kahan. From writers Zoya Akhtar, Reema Kagti, and Arjun Varain Singh—the film is set in the niche culture of primarily English-speaking young folk of Mumbai’s tony western suburbs like Bandra and Khar.

While its young cast fits the bill perfectly, and songs keep the proceedings peppy, Kho Gaye Hum Kahan is never adequate to get one invested. 

Tepid story:

• Kho Gaye Hum Kahan could well have been a heartwarming tale of friendship and camaraderie when short attention spans and flippant relationships are common among this generation. But it just never takes off. 
• Each character has personal issues to contend with. Some of these they share with their friends, and others, they internalise. However, at no point, do the stakes feel too high or too risky. 
• The overwhelming influence of social media is a danger as peer pressure and impossible standards of income, living and personal appearance become popular. While a worthy premise, making a film around it would need a greater dramatic tone.

Startups

Top 10 startup stories of 2023

In 2023, we all collectively panicked over losing our jobs—not because of some economic meltdown but Gen AI, which went mainstream this year. According to a NASSCOM report, Indian Gen AI startups alone raised over $475 million in funding between 2021 and May 2023. 

Despite a funding winter and economic uncertainty, entrepreneurs have remained steadfast in their journeys. As we prepare to welcome a new year, here are the top ten startup stories of 2023. 

The best:

• Minus Zero, a Bengaluru-based autonomous mobility startup, partners with manufacturers to create a fleet of AVs. Its product includes AI-powered software, which sits inside the vehicle on a computer, as well as dashcams and sensors that help the vehicle navigate.
• Founded in 2021 by Pravas Chandragiri, then a 19-year-old entrepreneur from Balasore, Soptle was conceptualised to elevate the financial well-being of SMBs, enhance operational efficiency, and optimise cash flow.
• Bengaluru-based startup Get Beyond Health aims to provide an accurate health report card for people, especially Indians, with parameters that are more attuned to the characteristics of the population of the country.

News & updates

• Slide: Infosys shares fell as much as 2.6% after the company said that an unnamed global company, which had signed a $1.5 billion deal focused on AI solutions, decided to terminate its MoU with the IT giant. Infosys had plans to enhance digital experiences and provide business operation services, utilising its platforms and AI solutions.
• Chips: Israel’s government agreed to give Intel a $3.2 billion grant for a new $25 billion chip plant it plans to build in southern Israel, both sides said on Tuesday, in what is the largest investment ever by a company in Israel.
• Banned: The US administration on Tuesday declined to veto a government tribunal's decision to ban imports of Apple Watches based on a complaint from medical monitoring technology company Masimo.

In the United Kingdom, what is the day after Christmas known as?

Answer: Boxing Day.

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