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Hello Reader,

These are uncertain times for Indian startups trying to make it big on the bourses. 

Paytm’s share price dropped 10% on Thursday after a share sale by its key stakeholder—Softbank. Nykaa isn’t doing too well either, with shares declining 7% to the day’s low of Rs 171.05. This week alone, the beauty giant’s losses on the markets extended to about 20%.

However, this slide is not just limited to India. Interest rate hikes and recession fears spooked the Dow Jones Industrial Average, dipping 266 points. S&P 500 slipped 1.8%, while Nasdaq-100 fell 1.03%. 

Meanwhile, tech giants are on the lookout for leadership talent as they take big decisions. Meta announced the appointment of Sandhya Devanathan as the Head and Vice President of Meta India. Even embattled Twitter is hunting for a new CEO as Elon Musk expects to reduce his “time at Twitter.”

ICYMI: Did you think Sanskrit is an extinct language? A Delhi cab driver will prove you wrong as he fluently converses with a passenger in the classical language in this video.

In today’s newsletter, we will talk about 

• Prateek Kuhad unplugged
• What’s next for India’s fintech sector?
• Hood: a yay or a nay?

Here’s your trivia for today: Which country has the most freshwater resources?

Music

Prateek Kuhad unplugged

In a candid conversation with YS Life, singer-songwriter Prateek Kuhad takes us behind the scenes of his music composition process and his iconic music video ‘cold/mess’. 

Modern love:

• For cold/mess, the musician tried the first version on an acoustic guitar. It was only when he tried playing the song with his band that the drums and the electric guitar came into the picture. 
• Prateek says he’s very particular about the creative language of any music release or tour. Right from the music, the video, and the photos to the album cover art, the marketing strategy, and how the show is created, the artist likes being involved in the whole process. 
• Prateek shared the concept for the cold/mess music video and Ukrainian director Dar Gai fleshed out the script to make it into what it is today. 

Funding Alert

Startup: NirogStreet 

Amount: $12M

Round: Series B

Startup: Chargeup

Amount: $7M

Round: Pre-Series A1

Startup: NeuralGarage 

Amount: $1.45M

Round: Seed

Fintech

What’s next for India’s fintech sector?

Speaking at YourStory’s TechSparks 2022 summit, India’s most influential startup-tech event, Razorpay’s

Harshil Mathur said the next wave of fintech would solve more complex problems, especially for businesses.

Crystal-gazing: 

• Personalised solutions are a big white space in the fintech industry, Harshil says, adding innovative solutions that cater to users’ specific needs after comprehensively understanding their financial health, profile, and history can prove to be valuable.
• B2B finance, i.e. fintech startups that provide tech-led solutions to other businesses, is another area that could see growth.
• On being asked whether he believes startups should chase external capital or bootstrap their way to growth, Harshil said, “there’s no right way to build a business”.

App

Hood: a yay or a nay?

Hood, previously Zorro, is a pseudonymous social networking platform that aims to give users a safe space to express themselves, without the fear of being attacked publicly on social media.

Does the app deliver on its promise?

Key takeaways:

• The app was launched in 2021 by Jasveer Singh, Abhishek Asthana, and Deepak Kumar.
• Hood has been funded by a large group of investors including Vijay Shekhar Sharma, Founder, Paytm; Ashish Hemrajani, Founder, BookMyShow; Ritesh Agarwal, Founder, OYO; and Kunal Shah, Founder, CRED. 
• The app seems similar to Reddit, another discussion app where people can post their thoughts, but with an Indian touch. 

News & updates

• Bankruptcy saga: In an interview, the founder of collapsed crypto exchange FTX, Sam Bankman-Fried, said he regretted his decision to file for bankruptcy and criticized regulators. The company filed for bankruptcy last week.
• Efficiency matters: Toyota unveiled the latest Prius—the company’s popular hybrid car—on the eve of the 2022 Los Angeles Auto Show, and it says the model is the most fuel-efficient entry in the lineup to date. Its lithium-ion battery offers a 15% increase in output. 
• Future of work: According to EY Future Workplace Index, 40% of companies surveyed either have implemented or have begun to implement a four-day workweek. It also found that 70% of employers were adopting a hybrid approach.

What you should watch out for

• Skyroot Aerospace will launch India’s first privately developed rocket into space.
• The Indo-Japan Business Council (IJBC) will organise a three-day festival in Pune, starting today.
• India will host the third No Money for Terror (NMFT) conference in Delhi.

Which country has the most freshwater resources?

Answer: Brazil. It has around 12% of the world’s total renewable freshwater resources, approx 8,233 cubic km.

We would love to hear from you! To let us know what you liked and disliked about our newsletter, please mail editorial@yourstory.com. 

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