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Atal Pension Yojana seeing higher participation from women, youngsters: Eco survey 2024

Money ControlMoney Control · 11m ago
Atal Pension Yojana seeing higher participation from women, youngsters: Eco survey 2024
Medial

The Economic Survey of India highlights the positive growth of India's pension sector, particularly the Atal Pension Yojana (APY) and National Pension System (NPS) schemes. The survey shows an increase in the share of women and younger individuals in the APY subscriber base. However, the report also notes that the majority of APY subscribers opt for the minimum guaranteed pension payout due to low-income households prioritizing daily expenses over savings. The survey suggests that there is potential for further growth in the NPS, especially among corporate employees and self-employed professionals. With increasing life expectancy and changing family support systems, the need for independent sources of income in old age is becoming more crucial.

Women’s day: How a simple newspaper reading habit led Shibani Kurian down the fund management path

Money ControlMoney Control · 1y ago
Women’s day: How a simple newspaper reading habit led Shibani Kurian down the fund management path
Medial

To celebrate International Women's Day 2024, Moneycontrol Personal Finance features five women fund managers who have made their mark in the male-dominated Indian Mutual Fund industry. Shibani Sircar Kurian, Head of Equity Research at Kotak Mutual Fund, manages five equity funds and oversees assets under management of INR 7,500 crore. Kurian's career in finance began as an equity researcher at UTI Mutual Fund and she later joined Kotak Mutual Fund in 2007. She now manages equity schemes and heads a research team of 16 analysts. Kurian believes in analyzing a company's cash flows and balance sheets rather than solely focusing on top-line growth. In terms of sector preference, Kurian is positive on select private and public sector banks and asset financing NBFCs, as well as companies focused on specialty pharmaceuticals in the healthcare sector.

No-cost EMIs and BNPL schemes are attracting younger consumers who desire flexibility, ease, and control over their payments: Raj Khosla

Money ControlMoney Control · 10m ago
No-cost EMIs and BNPL schemes are attracting younger consumers who desire flexibility, ease, and control over their payments: Raj Khosla
Medial

Raj Khosla, Managing Director of MyMoneyMantra, suggests creating a budget and sticking to it to effectively manage credit cards during the festive season. He advises tracking expenses regularly through mobile apps, utilizing credit cards with benefits like no-cost EMI and cashback rewards, and using credit responsibly to build a good credit score. The choice between credit cards, no-cost EMIs, and Buy Now, Pay Later (BNPL) schemes depends on individual preferences. To maintain a good credit score, Khosla recommends paying bills and EMIs on time, keeping credit utilization below 30%, and avoiding debt traps. Future credit card rewards programs may focus on personalized experiences, cashback incentives, and partnerships with lifestyle brands. Financial independence requires saving 25-30 times one's current annual expenses, and a diversified investment strategy across equities, real estate, and gold can lead to long-term wealth creation.

Flipkart Big Shopping Utsav 2024 Sale announced: Date, top deals, offers, more

LivemintLivemint · 9m ago
Flipkart Big Shopping Utsav 2024 Sale announced: Date, top deals, offers, more
Medial

- Flipkart's Big Shopping Utsav 2024 sale begins on October 9, offering significant savings on mobile phones and electronic devices. - Top brands like Apple, Samsung, Vivo, and Google will have smartphones with heavy discounts, including the iPhone 15, Samsung Galaxy S23, Google Pixel 8, and Motorola G85 5G. - Discounts can reach up to 80% off on select models, with prices as low as ₹12,499 for the CMF Phone (1) with 6GB RAM and 128GB storage. - Customers can benefit from exchange schemes, coupon discounts, and an instant 10% discount on select bank purchases. Flipkart Axis Bank credit card holders get 5% cashback on certain mobile phone purchases. - The sale will run until October 13, with discounts on personal gadgets, home entertainment systems, and large household appliances, including up to 80% off. Flexible payment options and credit benefits are available, including no-cost EMIs and up to ₹1 lakh credit limit for Pay Later users.

RBI grants brief relaxations to Paytm Payments Bank customers

EntrackrEntrackr · 1y ago
RBI grants brief relaxations to Paytm Payments Bank customers
Medial

The Reserve Bank of India (RBI) made brief relaxations on Friday for customers affected by its business restrictions imposed on Paytm Payments Bank Limited (PPBL). The central bank has also released a FAQ section to address key concerns over the move. The RBI has extended the earlier stipulated timeline from February 29, 2024, to March 15, 2024, for further deposits, credit transactions, or top-ups in customer accounts, prepaid instruments, wallets, FASTags, National Common Mobility Cards, etc. The same timeline extension has been given to banking services such as fund transfers, BBPOU, and UPI facilities. Other elements of the original January 31 directive have remained unchanged. For instance, withdrawal or utilization of balances by customers from their accounts, including savings bank accounts, current accounts, prepaid instruments, FASTags, National Common Mobility Cards, etc., are allowed without any restrictions, up to their available balance. The bank, however, also maintained that the nodal accounts of One97 Communications Ltd and Paytm Payments Services Ltd maintained by PPBL are to be terminated at the earliest, in any case not later than February 29, 2024. The central bank further directed that the PPBL should ensure withdrawals upto available balance from all accounts and wallets except for those frozen or flagged by the law enforcement authorities or judicial authorities. “Further, it is directed that the bank shall facilitate a seamless withdrawal of customer deposits that are parked with partner banks under the automatic ‘sweep-in sweep-out’ facility without causing any inconvenience to such customers,” the bank said. Earlier this week, RBI deputy governor Swaminathan J clarified that the crackdown on Paytm’s payments bank was not sudden but followed several conversations and giving the company ample time to take corrective measures. “When constructive engagement doesn’t work or when the regulated entity does not take effective action, we go for imposing business restrictions,” Das is quoted as saying. Paytm has said it is working with the authorities to resolve the matter. According to reports, Paytm founder Vijay Shekhar Sharma held meetings with Finance Minister Nirmala Sitharaman over the crisis faced by the company’s banking vertical. But it appears there has been no immediate relief for the company. Following the RBI notification, Paytm’s shares have continued to nosedive to hit all-time low. Though on Friday, it surged 5% to Rs 341.50 from the previous close of Rs 325.25 on the BSE. Some of the key question- answers posted by the RBI on the business restriction on the Paytm bank are as follows: Q: My salary is credited into my account with Paytm Payments Bank. Can I continue to receive my salary into this account? RBI: No. After March 15, 2024, you will not be able to receive any such credits into your account with Paytm Payments Bank. It is suggested that you make alternative arrangements with another bank before March 15, 2024 to avoid inconvenience. Q: I receive a subsidy or certain direct benefit transfers linked to my Aadhar from the Government in my account with Paytm Payments Bank. Can I continue to receive it into this account? RBI: No. After March 15, 2024, you will not be able to receive any such credit into your account with Paytm Payments Bank. Please arrange to change your linked account to another bank before March 15, 2024 to avoid any inconvenience or disruption. Q: I have a FASTag issued by Paytm Payments Bank. Can I continue to use it to pay toll after March 15, 2024? RBI: Yes. You can continue to use your FASTag to pay toll upto the available balance. However, no further funding or top ups will be allowed in the FASTags issued by Paytm Payments Bank after March 15, 2024. It is suggested that you procure a new FASTag issued by another bank before March 15, 2024 to avoid any inconvenience. You can check out the complete FAQs here.

Man Matters-parent Mosaic Wellness crosses Rs 200 Cr revenue in FY23

EntrackrEntrackr · 1y ago
Man Matters-parent Mosaic Wellness crosses Rs 200 Cr revenue in FY23
Medial

Digital health and wellness consultation startup Mosaic Wellness grew at a rapid clip during the last two fiscal years, raising its scale over 18X from Rs 11.47 crore in FY21 to surpass the Rs 200 crore revenue mark in FY23. At the same time, the firm posted Rs 62 crore in losses in FY23. Mosaic Wellness’s revenue from operations surged 163% to Rs 207 crore in FY23 from Rs 78 crore in FY22, its annual financial statements filed with the Registrar of Companies show. Founded in 2020 by Revant Bhate and Dhyanesh Shah, Mosaic Wellness is a digital-first consumer health platform that runs three separate brands for men, women, and kids. Its flagship brand ManMatters offers solutions across derma, sexual health, hygiene, and nutrition. Income from the sale of health and wellness products is the primary source of revenue for Mosaic Wellness. The company also made Rs 8 crore from interest, tallying its total revenue to Rs 215 crore in FY23. Mosaic Wellness spent a whopping Rs 100 crore on advertising and promotions which is 36% of its overall expenditure. Its cost of procurement of health and wellness products surged 2.6X to Rs 60 crore in FY23. Its employee benefits, freight, commissions, legal/ professional, and other overheads took the overall cost up by 2.2X to Rs 277 crore in FY23 from Rs 126 crore in FY22. Head to TheKredible for the detailed expense breakup. Expense Breakdown Total ₹ 126 Cr https://thekredible.com/company/mosaic-wellness/financials View Full Data To access complete data, visithttps://thekredible.com/company/mosaic-wellness/financials Total ₹ 277 Cr https://thekredible.com/company/mosaic-wellness/financials View Full Data To access complete data, visithttps://thekredible.com/company/mosaic-wellness/financials Employee benefit expense Employee benefit expense Cost of materials consumed Cost of materials consumed Advertising promotional expenses Advertising promotional expenses Transportation Cost Transportation Cost Commission expense Commission expense Legal professional charges Legal professional charges Others To check complete Expense Breakdown visit thekredible.com View full data With a two-fold surge in advertising and employee benefits, losses for the Mumbai-based firm increased 49.4% to Rs 62 crore in FY23 from Rs 42 crore in FY22. Its ROCE and EBITDA margin stood at -38% and -21% respectively. On a unit level, it spent Rs 1.34 to earn a rupee in FY23. Mosaic Wellness has raised over $34 million across rounds including its $24 million Series A led by Peak XV along with the participation of Elevation Capital and Matrix Partners in November 2021. According to the startup data intelligence platform TheKredible, the company was valued at $240 million in its last fundraise. Elevation emerged as the latest external shareholder with a 24.1% stake followed by PeakXV and Matrix Partners with 17.9% and 16.3%, respectively. FY22-FY23 FY22 FY23 EBITDA Margin -46% -21% Expense/₹ of Op Revenue ₹1.61 ₹1.34 ROCE -23% -38% The emergence of startups like Mosaic Wellness can usually be considered a net positive as they take away share from shady operators offering unqualified advice for health related issues. However, with their own dependence on pushing wellness products, many with potentially dubious claims when it comes to benefits, the firm does run the risk of slipping up on credibility at some stage. The high dependence on advertising and promotions is a clear indicator of the efforts required to wean away clientele from smaller mostly unlicensed players. By now, the firm should be in a position to assume leadership, or clear focus on a specific area where it can, and has made a discernible difference to its customers, and build on that for the future.

BluSmart drivers face uncertainty amid company troubles, founder issues

EntrackrEntrackr · 2m ago
BluSmart drivers face uncertainty amid company troubles, founder issues
Medial

BluSmart suspended its operations in April in Mumbai, Delhi-NCR, and Bengaluru, asking its 10,000 driver-partners to return their vehicles. The move has left several drivers scrambling to find new sources of income. Rajesh [name changed], a 35-year-old man in Gurugram, secured a driving job with a heavily VC-funded electric vehicle cab hailing company which once aimed to take on the duopoly of Ola Cabs and Uber in India. An average income of Rs 20,000 to Rs 25,000 per month, Rajesh admits, was not much for his family but managed to pay bills. Though, Rajesh, who also is a father of two young children, put in 10 hours to 12 hours daily - to reach the estimated monthly income. With his company now pausing the services, Rajesh has no source of earning, and does not know how he will pay his kids’ education fees. "... Now, I don’t know how I’ll manage. I missed my kids' school fees this month. My family depends on me, and I’ve never felt so helpless,” a visibly stressed Rajesh told Entrackr. One of the things that is agonising Rajesh the most is the deceptive way his employer pushed them out. “On Wednesday (April 16th), we [drivers] received a message saying the car needed to be submitted to the hub for a breakdown. We thought it was just a minor technical issue. When we got there, they told us it was a failure and we’d be informed later. But there was no word from the company after that. We just had to go home. We were left in complete shock," says Rajesh as his voice strains, reliving the fateful moment. Rajesh says he was among the first lot of employees, when the company had just 50 cars. Like many others, he too bought the company’s promise of stability. “Now, it feels like we’ve been left out to dry,” he said. “I’m considering working with Uber or Ola… I’m looking for something else, maybe a different field altogether. But BluSmart was my livelihood, and I’d go back in a heartbeat if they reopened. It was my only source of income,” he added. Rajesh’s story resonates with another thousands of drivers who are now scrambling to find new sources of income after BluSmart’s sudden suspension of its services. Entrackr has reached out to BluSmart seeking responses on how they plan to compensate the affected drivers. In case they respond, we will incorporate their inputs. Staging the protest On May 4, a group of BluSmart drivers raised their grievances at Jantar Mantar, a historic site for protests. They pressed for demands for alternative income avenues as well as called for crucial policy reforms to prevent similar abrupt dismissals. Additionally, they also sought a government intervention. Tajinder Singh, president of Parivahan Morcha Athavale and also among those spearheading the protest, told Entrackr that women drivers of BluSmart were among those bearing the brunt the most as other taxi companies refused to recruit them. He further said that some drivers were working on a per day basis as and when required but asserted that this was not a long-term solution. “We are demanding compensation for affected BluSmart drivers. We have also sought government intervention so that the drivers can continue to earn their livelihood,” Singh said. Singh also claimed that hundreds of BluSmart employees working at charging hubs were affected by the company’s sudden suspension of its services. A business model that promised to be different than rivals Even as ‘sustainability’ remained the headline grabber, BluSmart also deployed a rather different business model compared to rivals Ola Cabs and Uber. The company used a full-stack B2C model wherein they owned and managed the vehicles whereas Ola and Uber work with independent drivers. The model allowed BluSmart to have a better control on the quality of cars, maintenance, and subsequently better customer service. For drivers, the company offered a fixed salary along with incentives. An assured income was a big factor why a lot of drivers showed interest in joining BluSmart. Ola and Uber, on the other hand, operated on a familiar commission-based system, also common with several gig working-reliant service providers. Singh also highlighted this stark difference between BluSmart and its rivals. He said that the job of driver was to pick and drop the passenger and earn a regular income (per day payout and incentives). They needed to work 10 hours to 12 hours a day. Other things like maintenance and documentation was taken care of by the company, giving drivers a more relaxed environment to operate. Blusmart has raised over $180 million to date, including its $50 million series B round in January this year. Though, it received only Rs 61 crore out of $50 million. That said, a heavily-funded BluSmart juggernaut appeared unstoppable, until it did. Earlier this year, reports emerged that BluSmart delayed salary payments to cash crunch. It had also shut down operations in Dubai and also saw an exodus of top management employees, including CEO, CBO, and CTO. A month later, SEBI published findings of its probe into Gensol Engineering, BluSmart’s partner and EV lessor. The SEBI order highlighted misuse of funds, and also barred promoters Anmol and Puneet Singh Jaggi from accessing the securities market and holding key positions in Gensol Engineering. What next for BluSmart drivers BluSmart drivers facing joblessness due to the shutdown can go for legal remedy and urgently demand clearance of any unpaid dues and better severance compensation, if not given already. The legal course, which may take a relatively long time, may also help them investigate if BluSmart violated the contract by sudden halting of their services and returning vehicles. Moreover, they can also seek intervention from regulatory boards. Singh, however, did not appear enthusiastic about taking the legal course. “Companies like these make such contracts that they keep them protected in such incidents and don’t have to own any responsibility towards people working so hard for them,” he said [loosely translated from Hindi]. As far as the future of the company goes, it’s hard to predict considering the massive VC money riding on the company. Despite the major dent in public image and also several legal troubles, it’s likely that the company may stay afloat with a rather new management and new board - a few known steps troubled companies often take to course correct. It’s worth noting that quality of drivers and cabs were the top highlight of the platform, and if it resumes, it should continue with that. With the ongoing protests and lack of communication between drivers and management, it seems unlikely that the company will enjoy the same level of trust from its network drivers.

Funding and acquisitions in Indian startups this week [20-25 May]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startups this week [20-25 May]
Medial

During the week, 24 Indian startups raised around $444 million in funding. These deals include 5 growth-stage deals and 14 early-stage deals. Meanwhile, two early-stage startups did not disclose the amount raised. Last week, about 26 early and growth-stage startups collectively raised around $240 million capital. [Growth-stage deals] Among the growth-stage deals, 5 startups raised $394.21 million in funding this week. Horizontal e-commerce major Flipkart led the list with $350 million infusion by Google. The list followed by financial services platform Navi which scooped $18 million in debt. Managed accommodation provider Stanza Living, rural financial services company Save Solution, and NBFC operating in remote rural parts, Dvara KGFS, also raised funding during the week. [Early-stage deals] Subsequently, 14 early-stage startups scooped funding worth $49.6 million during the week. SaaS startup UnifyApps spearheaded the list followed by solar energy platform Soleos Solar Energy, NBFC Varthana, and producer of high-quality Single-Walled Carbon Nanotubes (SWCNTs) NoPo Nanotechnologies. The list of early-stage startups also includes five startups that kept the funding amount undisclosed: Collective Artists Network, 8chili, Agrilectric, Fix My Curls, and Infinx. For more information, visit TheKredible. [City and segment-wise deals] In terms of the city-wise number of funding deals, Bengaluru-based startups led with 14 deals followed by Delhi-NCR, Mumbai, Hyderabad, Ahmedabad, Ludhiana, and Chennai. Segment-wise, e-commerce and fintech startups grabbed the top spot with five deals each followed by healthtech startups. The list further counts Agritech, AI, Biotech and Décor startups among others. [Series-wise deals] During the week, Seed funding deals led the list with 7 deals followed by 6 Series A deals while Debt, Pre-Series A, and Pre-Seed are next on the list among others. [Week-on-week funding trend] On a weekly basis, startup funding surged 85% to $444 million as compared to around $239.7 million raised during the previous week. The average funding in the last eight weeks stands at around $262 million with 27 deals per week. [Key hirings and departure] Among key hirings, Mathew George has been appointed as CFO by Captain Fresh, CarDekho appointed Neelesh Talathi as CFO, while Anuj Rathi and Pratyusha Aggarwal have been appointed as the CEOs by ClearTrip and Flipkart’s Shopsy, respectively. Meanwhile, Rahul Chaudhary, Investor of Matrix Partners, has resigned from his position to start his own venture. Additionally, Rajnish Kumar and T V Mohan Das Pai are set to leave the advisory council of BYJU’s. [Fund launches] IVY Growth Associates has launched Arigato Capital, a SEBI-registered Category I AIF VC fund, targeting a corpus of Rs 250 crore. Finvolve has closed two maiden angel funds with a total corpus of Rs 100 crore, aiming to back 25-35 startups with an average investment of Rs25 lakh per startup. ThinKuvate has launched ThinKuvate India Fund – I with a total corpus of Rs 100 crore, focusing on tech startups with an initial investment of up to Rs 3 crore per startup. Databricks Ventures has launched Databricks AI Fund, focusing on AI startups. Caret Capital has launched Caret360 Accelerator Programme, offering selected startups up to Rs 3 crore in investment and mentoring. [M&A] CashFlo, a finance automation and payments platform, is set to acquire LogiTax, a tax compliance management solution provider. Meanwhile, Noise, backed by Bose, has acquired SocialBoat to develop AI for wearables. [ESOPs] Urban Company has announced its largest employee stock secondary sale worth Rs 203 crore, with 446 employees participating. The beneficiaries are between 23 and 56 years old, with 28% being women. Dharana Capital, Vy Capital, and Prosus will purchase these shares from former and current staff. This sale allows employees to liquidate their vested stocks, with around 784 employees having participated in five buybacks, liquidating ESOPs worth Rs 306 crore. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [New launches] Upstox forays into insurance distribution [Financial results this week] MamEarth-parent Honasa posts Rs 1,920 Cr revenue, Rs 110 Cr PAT in FY24 Nykaa posts Rs 6,386 Cr revenue and Rs 40 Cr PAT in FY24 Paytm revenue grows 25% and nears Rs 10,000 Cr in FY24 Tracxn posts flat scale in FY24; profit declines 80% [News flash this week] Ixigo gets SEBI nod for IPO; Oyo withdraws listing plans Pine Labs receives Singapore Court nod to shift base to India Go Digit makes entry into public market at 5% premium MamaEarth’s parent Honasa is the top ad violator of FY24 Dunzo’s key investor, Lightbox steps down from the board Paytm to halt postpaid loans, pauses small personal loans biz [Conclusion] The weekly funding surged 85% to $444 million majorly driven by Flipkart’s $350 million funding in its ongoing $1 billion fundraise. The week saw five new fund launches namely IVY Growth, Finvolve, ThinKuvate, Databricks Ventures, and Caret Capital. Paytm has announced a pause on its small personal loans business, including its Postpaid portfolio, due to a decline in asset quality across the industry. Paytm Postpaid, initially a buy-now-pay-later product, was transitioned to personal loans in December 2023. Dunzo’s key investor, Lightbox, has stepped down from its board seat amid ongoing financial struggles. Lightbox was the third-largest shareholder in the company with 11% stake. The move leaves Dunzo without representation from any primary investors. Previous board exits in 2023 included representatives from Reliance Retail, Lightrock, and co-founders Dalvir Suri and Mukund Jha. The current board consists of cofounder and CEO Kabeer Biswas and STIC Investments’ Hongjim Kim. According to the Advertising Standards Council of India’s annual report for FY24, MamaEarth parent Honasa has emerged as the biggest advertising violator with 187 instances. Honasa’s other brands, including Dr. Sheth’s Skin and Hair Clinic, Aqualogica, The Derma Co., and Ayuga, also made the list. Other notable violators include unicorns like 1 MG’s HealthKart, FirstCry, Lenskart, Flipkart, and Myntra, as well as listed companies such as Nykaa, Zomato, Zoomcar, Netflix India, and Apple India. Le Travenues Technology Limited, operator of ixigo, has received SEBI approval for its IPO, aiming to raise Rs 120 crore through fresh issues and offering up to 66.7 million shares for sale. Go Digit received a modest market debut. The insurance tech company’s shares were listed at Rs 286 per share on NSE, a 5.1% premium over the issue price of INR 272. Meanwhile, Oyo withdrew its IPO plans and is now seeking $80-90 million funding at an 80% haircut in valuation. Additionally, Pine Labs has received approval from a Singapore court to move its domicile to India.

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