The Razorpay report card; Top UK destinations for set-jetters

Hello,

Byju Raveendran stays as BYJU’S CEO.

Raveendran in a mail to employees said, “I am writing this letter to you as the CEO of our Company… Put differently, it is “business as usual” at BYJU'S.” 

This comes a day after the extraordinary general meeting of BYJU’S shareholders, which passed resolutions for the removal of Raveendran as the CEO of the edtech company. 

In other news, EV charging startup Log9 and Trinity Cleantech have partnered to set up charging stations across India. Under the name Thunder+, Trinity will deploy about 2,000 charging units across the country.

Meanwhile, domestic airline Go First received two financial bids as part of its bankruptcy process from SpiceJet MD Ajay Singh and Busy Bee Airways, who have jointly submitted a bid of $193.10 million for the airline.

Speaking of airlines, ever wondered why they charge you more baggage fees at the airport? Here’s why. 

Lastly, read Warren Buffett’s annual letter to Berkshire Hathaway’s shareholders.

In today’s newsletter, we will talk about 

• The Razorpay report card
• Top UK destinations for set-jetters
• Inside the Outhouse Jewellery

Here’s your trivia for today: Who invented the hot air balloon?

Interview

The Razorpay report card

Fintech company Razorpay unveiled a suite of products at its recently concluded flagship event—FTX. These new products address the needs of both offline and online customers, especially in the payment gateway area, as the company goes ahead with an omnichannel strategy. 

Given that it has achieved an annualised total payment volume of $150 billion, Razorpay aims to fund its newer forays through the cash generated from its key online business. 

Key takeaways:

• Arpit Chug, CFO of Razorpay, said, “We have enough cash on our balance sheet and our burn rate is minimal.”
• He said the company is a couple of years away from the IPO, and it will look at it once it achieves consolidated profitability.
• “Our newly-introduced UPI-enabled QR device is going to fuel the growth in the coming years. For 2024, we expect to have a fairly healthy growth rate,” he added.

Travel

Top UK destinations for set-jetters

Set-jetting is one of this year’s biggest travel trends. The trend, which involves planning a vacation around a filming location for a TV show or movie, is gaining in popularity across the globe.

According to an Expedia report, set-jetting tourism has overtaken social feed fantasies, with a whopping 66% of travellers contemplating a visit to a destination featured in a show or movie they’ve streamed at home, and as many as 39% booking a trip for the same reason.

Wanderlusts:

• The UK is a hot favourite, owing to the fact that so many popular films, franchises, and series have been filmed across Britain, Wales, Scotland, and Northern Ireland.
• Named for its Roman-era baths, Bath has always been a tourist favourite, but Netflix's delightfully escapist period drama Bridgerton and its prequel Queen Charlotte cemented its massive fan following.
• Northern Ireland’s capital Belfast is famed as the birthplace of the RMS Titanic, but it’s better known as the home of Game of Thrones (GoT).

Splurge

Inside the Outhouse Jewellery

For long, brand monograms with distinct recall value have been limited to the Gucci’s, Nike’s, and Louis Vuitton’s of the world. Closer home, high-end designer Sabyasachi Mukherjee was able to crack this sweet spot in the global fashion scene with his golden Royal Bengal Tiger. 

Interestingly, another such homegrown Indian brand Outhouse Jewellery—helmed by Kaabia and Sasha Grewal—is creating noise in the jewellery and accessories segment.

Luxury designs:

• The Noida-headquartered brand garnered significant attention from fashion magazines and stylists when Alia Bhatt sported its custom-made OH Jewellery at the MET Gala in New York last year.
• Its first iconic monogram, OH V, has crystallised jewels into works of art featuring five iconic motifs of Outhouse’s earlier collections. Interestingly, OH V continues to remain the best-selling collection of all time. 
• Outhouse always wanted to add an element of legacy and heritage into its jewellery without having to compromise on the ‘modern and stylish’ elements. More than a decade into business, it now brands itself as a bridge-luxury jewellery brand.

News & updates

• Unloading: JPMorgan Chase & Co. CEO Jamie Dimon and his family sold $150 million worth of the bank’s stock, about 822,000 shares in a series of transactions, following through on last year’s announcement that he would begin selling shares for the first time since taking the helm 18 years ago. 
• Getting started: The stock rally that pushed Japan’s Nikkei 225 Stock Average past a record that stood for more than three decades looks set for further advances as foreigners rush back in. Fund flow data indicate there’s scope for trillions of yen to return to Japan’s stock market based on figures compiled by Bloomberg.
• A first: Warner Bros. Discovery has become the first Hollywood conglomerate to turn a profit for its streaming unit for a full year. In 2023, the company reported a profit of $103 million, compared with a loss of nearly $2.1 billion for all of 2022 for what it calls its “Direct-to-Consumer,” or DTC, unit.

Who invented the hot air balloon?

Answer: The Montgolfier Brothers.

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.