Hello,
This Monday was about exits.
Google has been on a cost-cutting spree, and its latest victims are the company’s Python team. The internet giant aims to cut expenses by hiring less expensive labour from locations outside the US.
If one goes by Google’s finance chief Ruth Porat’s email to staff, the restructuring efforts involve expanding growth operations to Bengaluru, Mexico City, and Dublin.
Closer home, Ola Cabs CEO Hemant Bakshi has quit the ride-hailing firm—just four months into the role. Bakshi’s resignation comes amid a restructuring exercise the company will undertake as it initiates preliminary discussions for an IPO and could see about 10% of the roles in the company getting redundant.
Meanwhile, the stock markets saw heightened activity.
Shares of the Bombay Stock Exchange plunged 19%—its biggest single-day drop since its listing—after SEBI sought a higher regulatory fee structure for options contracts that could eat into the exchange operator’s profits.
On the other hand, Bahrain-based Investcorp will acquire NSEIT, the National Stock Exchange’s digital technology business, for an enterprise value of Rs 1,000 crore.
ICYMI: The hidden treasures beneath Turkey.
Lastly, 4 days to go for DevSparks 2024!
Take a sneak peek at what’s brewing at YourStory’s developer summit this year!
In today’s newsletter, we will talk about
- Amazon Pay bets on credit
- Investment momentum in 2024
Here’s your trivia for today: Which European capital celebrated its 2,000th anniversary in 1951?
Fintech
Amazon Pay bets on credit
Amazon Pay is doubling down on credit at a time when an increasing number of Indians are opting for credit cards. In February 2024, credit cards in circulation crossed 100 million for the first time, as per RBI data. India’s increasingly competitive UPI landscape is further fuelling the company’s interest in credit solutions.
Growth:
- In 2019, it launched Amazon Pay ICICI Credit Card, which has over 4 million customers. It offers up to 5% cashback to shoppers with a Prime membership and up to 2% cashback for non-Prime users.
- Amazon Pay launched Pay Later in April 2020 to enable instant credit access with repayment options for up to 12 months. It has also enabled access to RuPay credit cards on UPI.
- It now also has a payments aggregator license in its arsenal. The company hopes the license will help expand digital payment services to its network of brick-and-mortar merchants.
Funding
Investment momentum in 2024
In 2024, investors anticipate increased investment momentum compared to the previous year, with a heightened focus expected on deeptech, GenAI, and climate tech sectors, a report by venture debt firm InnoVen Capital said.
This year, 77% of investors anticipate increased funding activity compared to 2023, with 18% expecting similar levels.
Key insights:
- Last year, early-stage investments recorded the lowest deal volume in four years, yet witnessed increased ticket sizes and valuations, totalling $378 million across 207 deals.
- B2B businesses, consumer tech, and artificial intelligence (AI) sectors garnered the most interest among investors.
- Interestingly, about 86% of investors perceive an excess of dry powder in the market this year.
News & updates
- Fast results: Elon Musk’s visit to China has reportedly reaped immediate rewards with a deal for Tesla to use mapping data provided by web search company Baidu, a big step in introducing driver assistance technology in the world’s largest car market. The company’s share price surged over 12% on Monday.
- Deals: OpenAI has netted another news licensing deal in Europe, adding London’s Financial Times to a growing list of publishers it’s paying for content access. The latest deal looks a touch cosier than other recent tie-ups with Axel Springer, AP, Le Monde, and Prisa Media.
- Jail term: Changpeng Zhao, Founder of Binance, the world’s largest cryptocurrency exchange, will be sentenced on Tuesday after pleading guilty to money laundering charges, with US prosecutors seeking three years in prison for the tech tycoon. Zhao stepped down as the CEO of Binance in November.
Which European capital celebrated its 2,000th anniversary in 1951?
Answer: Paris.
We would love to hear from you! To let us know what you liked and disliked about our newsletter, please mail nslfeedback@yourstory.com.
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.
