Hello,
Digital insurtech startup Go Digit’s IPO had a steady start. The subscription rate for the issue reached 36% on day one. The public issue was subscribed 1.44 times (13.8 million shares) in the retail category.
Meanwhile, shares of travel distribution firm TBO Tek ended with a huge premium of nearly 53% against the issue price of Rs 920 on its stock market debut.
Speaking of travel, online travel service provider MakeMyTrip reported robust margins and record yearly gross bookings in FY24 as leisure and business-related travel demand in India crossed pre-pandemic levels.
It earned a $216.7 million net profit in the fiscal year and made gross bookings worth nearly $8 billion.
In other news, Policybazaar and Paisabazaar parent PB Fintech bagged an entry into the MSCI India Index, which is a part of the MSCI Global Standard Index, while One97 Communications, the parent company of the Paytm brand, has been downgraded to the MSCI Emerging Markets Small Cap Index.
ICYMI: All the AI news from Google’s annual I/O developer conference.
Lastly, when was the last time you saw—or used—a floppy disc? Meet the people who refuse to let go of these storage devices!
Fun fact: The original 8in (20cm) and 5.25in (13cm) floppy disks were floppy—you could bend them slightly without harming the magnetic material inside.
In today’s newsletter, we will talk about
- Can FamPay survive reputational damage?
- Why developers need a business-first outlook
- Free primary healthcare for the poor
Here’s your trivia for today: Which famous mountain peak is not part of a mountain range?
Fintech
Can FamPay survive reputational damage?
Until a year ago, FamPay was hailed as a promising new kid in the fintech sector. FamPay’s proposition was to create a pocket money, wallet-type app for children, with a numberless card linked to it.
However, FamPay has moved away from its youth-focused plans to position itself as a transaction or payments wallet after its breakup with IDFC last year triggered a costly transition.
‘Spray and pray’ policy:
- FamPay’s switchover to the Tri O Tech-based platform was haphazard and glitchy. Users reported that, despite redoing their KYC for Tri O Tech, they could not access the balance in their IDFC-backed accounts.
- A decline in user engagement and the abrupt surge in expenses, exacerbated by the unfortunate timing of a funding winter, significantly dampened investor enthusiasm for the company.
- As per the seven current employees YourStory spoke to, the sentiment internally is quite bad, and the morale is low. “We don’t have job security here…everyone knows they can toss you out whenever things get tough again,” says an employee.
Funding Alert
Startup: RED.Health
Amount: $20M
Round: Series B
Startup: Niqo Robotics
Amount: $13M
Round: Series B
Startup: DrinkPrime
Amount: $3M
Round: Undisclosed
DevSparks
Why developers need a business-first outlook
As per Ajit Narayanan, Chief Product and Technology Officer, Licious, developers and engineering leaders need to look beyond tech development in isolation and adopt a mindset to understand how their technical work drives business outcomes.
“It is easy to think of engineering first, then product, and then business outcomes. However, to solve real problems, you need to think business first, and then translate that into product and tech,” he said at DevSparks 2024 held in Bengaluru.
Licious solution:
- Licious built a complex framework where cold supply chain technology works in tandem with accurate demand prediction models, as well as with logistics, and several other variables.
- From the meat reaching processing centres as raw material, transporting to dark stores, and reaching end consumers through ecommerce or grocery delivery apps—all needs to happen within three days of shelf life.
- To build this at scale, the startup has integrated technology at each touchpoint across its supply chains, “automating everything that’s logically possible,” Narayanan said.
Social Impact
Free primary healthcare for the poor
Started by mother-daughter duo Rani Desai and Priya in 2022, Anahat Clinic in Bengaluru aims to improve access to primary and preventive healthcare for the urban poor. It identifies, prevents, and counsels patients suffering from chronic diseases such as high blood pressure, diabetes, and hypertension, among others.
Free check-up:
- The clinic lets people consult with a qualified allopathic doctor, gives free medicines, and provides lab tests including blood tests, urine tests, X-rays, and more for free.
- “We get around 70 to 80 people daily. People come with problems like scabies, minor injuries, chronic conditions such as hypertension, diabetes,” Dr Rohith TG who works at the clinic, says.
- The clinic has also employed a nutritionist who conducts workshops consisting of 8 modules, focusing on helping patients reduce salt, sugar, and oil in their diets.
News & updates
- Swiftnomics: Taylor Swift’s smash-hit “Eras Tour” is set to boost spending in the United Kingdom by nearly $1 billion, according to estimates by Barclays. The British bank said in a report that it expects nearly 1.2 million Swifties to attend the superstar’s shows in the UK this summer.
- Accessibility: Apple has announced a slew of new accessibility features coming to its software platforms in the months ahead, including eye tracking, which the company says uses AI to let people with physical disabilities navigate easily through iOS and iPadOS.
- TikTok: Billionaire Frank McCourt is organising a bid to acquire TikTok in the US, weeks after the passage of a law that could force the social media platform’s Chinese owner into a sale of US operations.
Which famous mountain peak is not part of a mountain range?
Answer: Mt. Kilimanjaro
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