A91 Partners to lead funding in Niva Bupa; The dark side of hustle culture

Hello,

The sun has set on a titan of Indian industry. 

Industry leaders came together to mark the passing of Padma Vibhushan Ratan Tata, Chairman Emeritus of the Tata Group, who passed away at the age of 86 late Wednesday night. 

While the Tatas have left an indelible mark on India’s industrial history, Ratan Tata, who dedicated his life to both his businesses and philanthropic efforts, has put India Inc on the global map. 

The results are evident as Tata Consultancy Services beat estimates for second-quarter revenue on Thursday, with marginal growth in its banking vertical.

Meanwhile, Air India, back under Tata’s wing, is on a mission to recapture a place among top carriers and has placed a new order for 85 Airbus jets.

ICYMI: Here’s how Ratan Tata became a driving force for the Indian startup ecosystem.

With the notable void in the Tata conglomerate, choosing the right successor to continue Ratan Tata’s enormous legacy has become more important than ever. While there are promising contenders, is it even possible to fill Tata’s shoes?

Elsewhere, Tesla is set to reach a milestone: a prototype robotaxi that relies on “computer vision” and machine learning to make driving decisions. After years of unfulfilled promises and delays, many believe this is Tesla’s chance to regain lost ground and offer stiff competition to the ride-sharing industry.

But with self-driving mishaps and lawsuits continuing to dog autonomous vehicles, is the carmaker simply too eager to rush to the future?

In today’s newsletter, we will talk about 

• A91 Partners to lead funding in Niva Bupa
• The dark side of hustle culture
• Unique wealth management strategy

Here’s your trivia for today: What aircraft did Ratan Tata pilot in 2007 during the Aero India Show in Bengaluru?

Investment

A91 Partners to lead funding in Niva Bupa

Venture capital firm A91 Partners, which has backed Digit Insurance, is set to lead a Rs 500-crore investment in IPO-bound health insurance company Niva Bupa, people aware of the matter told YourStory. 

The pre-IPO round, in which A91 Partners is investing around Rs 350 crore to Rs 400 crore, will happen at a valuation of around Rs 15,000 crore, the sources said.

Key takeaways:

• While A91 Partners is leading the round, a few family offices are also expected to invest. The investment will be a full secondary deal, giving some of Niva Bupa’s existing shareholders an exit.
• Last year, the Mumbai-based VC firm raised Rs 800 crore from Singapore’s Temasek, Paragon Partners, and Motilal Oswal PE fund.
• Niva Bupa, previously called Max Bupa, had filed its draft red herring prospectus with the Securities and Exchange Board of India in July to raise around Rs 3,000 crore, including a fresh issue of Rs 800 crore.

Funding Alert

Startup: Millennium Babycares

Amount: Rs 122 Cr

Round: Private placement

Startup: Economy Process Solutions

Amount: Rs 100 Cr

Round: Series A

Startup: Social Hardware

Amount: Rs 3.2 Cr

Round: Seed

Mental Health

The dark side of hustle culture

For years, toxic work pressure and hustle culture in the Indian corporate environment have been left unaddressed, with employees often expected to work overtime given the promise of upward mobility. But in July, the tragic death of Anna Sebastian Perayil blew the lid off the jar.

Corporate work environments, especially in high-stakes, profit-driven industries, often subject employees to cumbersome routines. With tight deadlines, performance metrics, and unending competition, many workers face workloads that take a toll on not just their bodies but also their minds.

Self-care in need:

• Even when employees recognise the mental toll of immense workplace pressures, breaking out of this cycle is incredibly difficult, say those within the ecosystem. 
• Veena Ashiya of Monrow Shoes, says one of the biggest mental health challenges startup employees face is the tendency to take on too many tasks, which results in overwhelming workloads. 
• Publicis Sapient, a digital business transformation company, has a 24/7 people assistance programme that offers counselling services and resources, including an anonymous helpline for round-the-clock support. The company has also established a mental well-being ambassador network.

Financial services

Unique wealth management strategy

Swati Saxena believes discipline is of utmost importance when managing wealth, whether you’re a salaried professional or an ultra-high-net-worth individual. A career banker, she offers wealth advisory services to HNIs and UHNIs through her firm 4Thoughts Finance, which has Rs 500 crore assets under management.

“We have a sort of love-hate relationship with our clients because of our disciplined approach, but most of them turned into long-term relationships,” says Saxena.

Making it easy:

• The founder of 4Thoughts Finance believes her firm’s biggest strengths are the elements of neutrality and discipline.
• 4Thoughts Finance’s services extend beyond just managing and growing its clients’ wealth as it also oversees taxation, compliance, and concierge, along with setting up family offices and philanthropic initiatives.
• With its expansive network 4Thoughts Finance has built over the last nine years, it also helps its clients raise funding. Around 70% of its clients are startup founders while the rest are established business families.

News & updates

• Breach: Fidelity Investments confirmed that 77,000 customers had personal information compromised during an August data breach. The investment firm said an unnamed third party accessed information from its systems between August 17-19 “using two customer accounts that they had recently established.” 
• Aircraft: Airbus reported lower monthly deliveries, putting its annual production target under pressure as supply chain struggles continue to plague the industry. The European planemaker said it delivered 50 aircraft in September, down from 55 during the same period last year.
• Crypto: Blockchain startup Ripple launched new services aimed at helping banks and fintech firms store digital assets on behalf of clients. It is debuting a slew of features to enable its banking and fintech clientele to keep and maintain digital tokens—as part of a broader push into custody, a nascent business for Ripple.

What aircraft did Ratan Tata pilot in 2007 during the Aero India Show in Bengaluru?

Answer: A Lockheed Martin Fighting Falcon. He was the first Indian civilian to fly an F-16.

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