Nadir Godrej: We don't need 70-hr work week; Avendus fund's investment thesis

Hello,

There's no respite for Paytm.

RBI Governor Shaktikanta Das on Monday ruled out any review of the central bank's action against Paytm Payments Bank, saying the decision was taken after a comprehensive assessment of the functioning of the lender.

The development follows RBI’s directive to the company to stop accepting deposits or top-ups in any customer accounts, wallets, FASTags, and other instruments after February 29.

In other news, NBFC firm Navi Finserv plans to raise around Rs 600 crore through the issue of non-convertible debentures. The total bond issue includes a green shoe option of up to Rs 300 crore to retain oversubscription, said the company.

Elsewhere, around 30 Indian startups have reportedly written a letter to Google, urging it to not delist them from the Play Store or take 'any precipitative steps' till March 19. The Supreme Court earlier refused to restrain Google from delisting their apps if the companies didn’t agree with the tech giant’s billing policy.

ICYMI: The 45-day MSME payment rule has caused chaos in the sector. 

Lastly, is the distinction between the past, present, and the future a mere illusion? Here’s a video explaining the paradox of time.

Spoiler alert: To calm the existential crisis caused by the video, we suggest you see these images of a sleepy polar bear and a happy turtle! 

In today’s newsletter, we will talk about 

• Nadir Godrej against 70-hr work week
• Avendus fund's investment thesis
• From a homemaker to a gamer

Here’s your trivia for today: By what name is the author Samuel Langhorne Clemens better known?

Interview

Nadir Godrej's case against 70-hr work week

Nadir Godrej, Managing Director, Godrej Industries and Chairperson of Godrej Agrovet, does not believe in compulsory work-from-office models nor does he advocate 70-hour work weeks. 

“I don’t think GenZ should work 70 hours a week. Instead, let’s measure work output,” Nadir tells Shradha Sharma, Founder and CEO, YourStory. “People need to work in a focused manner, while pursuing non-work things well.”

Walk the talk:

• “Work faster but do it without losing your values. Build businesses that create value, that create a network effect, and are socially good,” he adds. 
• Nadir is an advocate for climate change. Godrej Industries has made rapid strides in increasing energy efficiency and incorporating renewable energy. The group’s renewable portfolio is 50% and has lowered energy use by 30%.
• As a part of the team at the World Business Council for Sustainable Development, he has a larger responsibility: to encourage businesses across the world to take climate risks seriously. 

Funding Alert

Startup: Amber 

Amount: $21M

Round: Equity

Startup: AstroTalk

Amount: $20M

Round: Series A

Startup: Yu Foodlabs

Amount: Rs 20 Cr

Round: Series A

Investor

Avendus Future Leaders Fund's investment thesis

Avendus Future Leaders Fund expects to maintain the deal momentum despite a challenging environment. It looks to continue to do 4-5 deals this year.

“The public market is receptive to them (startups) and if they are able to price it right. There is no dearth of capital,” says Ritesh Chandra, Managing Partner, Avendus Future Leaders Fund.

Being bullish:

• “There is massive questioning around execution and investors are being more discerning,” says Chandra. In addition, there is also a focus on governance standards at these startups.
• Avendus Future Leaders Fund raised Rs 375 crore in its first fund and aims to raise Rs 1,500 crore from the second fund. It has so far backed 14 startups.
• The fund will focus primarily on four sectors for investment—consumption, financial services, healthcare, and technology.

Gaming

From a homemaker to a gamer in her 40s

Also known as ‘Blackbird’, 44-year-old Reetu Slathia is a woman gamer with over 3.5 lakh followers on the streaming and gaming platform Rooter, and 3.87 lakh subscribers on her YouTube channel. She earns more than Rs 1.2 lakh a year.

“I am a homemaker who earns money through gaming and this is a very big thing for me. It gives me so much confidence and I too have the freedom to play whenever I feel like it,” she tells HerStory.

Breaking stereotypes:

• During the COVID-19 pandemic, Slathia saw her son engrossed in playing BGMI for the first time, and her curiosity about the game was piqued. Her interest quickly became a full-blown passion.
• Slathia plays games like BGMI, Clash of Clans, Free Fire, and more. She also runs a YouTube channel where she posts videos of her playing different games.
• "My husband and son have been my support system throughout this journey. I believe that with the same level of encouragement, many other women can also achieve their dreams,” she adds.

News & updates

• Extinction: Many migratory species are at risk of disappearing, threatened by human pollution, the spread of invasive species and the climate crisis, according to a new report by the Convention on the Conservation of Migratory Species of Wild Animals.
• Networking: Peak XV, the venture capital firm that split from Sequoia Capital last year, is taking its portfolio companies from India, Southeast Asia and Australia on an “immersion” trip to Silicon Valley this week to meet several industry titans, the latest in the venture firm’s broadening offerings and networking flex.
• AI skills: Google has pledged 25 million euros ($26.98 million) to help people in Europe learn to use AI. The tech giant said it had opened applications for social enterprises and nonprofits that could help reach those most likely to benefit from training.

By what name is the author Samuel Langhorne Clemens better known?

Answer: Mark Twain.

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