Hello,
A new milestone for Dream11.
The fantasy gaming startup has hit the 200-million registered users mark, it said in a post on X (earlier Twitter). It achieved this feat even as its NFT bet Rario failed to find success despite the ongoing ICC Cricket World Cup, leaving many of its traders stuck on the platform, unable to sell their assets. (Read more about that here.)
Meanwhile, Ola is reportedly making salary promises of up to Rs 70,000 per month to lure riders to enrol for its bike-riding taxi services, reported Moneycontrol. The mobility company reintroduced its bike-taxi service in Bengaluru last month even as ride-hailing players are battling over the legality of the service with the Karnataka government in court.
ICYMI: The ToyZone has created a map of all the “Boogeymen” from nearly every country across the globe. Time for a trip (or two) down your childhood’s nightmare lane.
Lastly, a startup that wants to conduct an IVF experiment in space.
Can humans be a multi-planetary species?
In today’s newsletter, we will talk about
- Paytm’s revenue surges 32%
- Premium natural personal care
- All about Kolkata’s Durga Puja
Here’s your trivia for today: Which Indian batsmen made the highest partnerships by runs in a Cricket World Cup?
Fintech
Paytm’s revenue surges 32%
Paytm recorded a 32% jump in revenue to Rs 2,519 crore in the July-September quarter (Q2 FY24) while narrowing down its losses to Rs 292 crore.
“The growth was led by an increase in GMV, merchant subscription revenues, and growth of loans distributed through our platform. There are no UPI incentives booked during the quarter,” Paytm said in an exchange filing.
Earnings:
- Paytm’s operational income or adjusted EBITDA (not accounting for ESOP expense) was Rs 153 crore—up from a loss of Rs 166 crore in Q2 FY23.
- The company’s revenue from the payments business surged 28% YoY to Rs 1,524 crore while the net payment margin went up 60% YoY to Rs 707 crore.
- The value of personal loans disbursed came down QoQ as the company reduced shorter tenor loans (six months) on its platform, terming them as riskier.
Top Deals of the Week
Startup: Zetwerk
Amount: $118M
Round: Series F
Startup: Fingerprint
Amount: $33M
Round: Series C
Startup: Vastu Housing Finance
Amount: $30M
Round: Secondary sale
Personal care
Premium natural personal care brand
Khadi Natural started as a personal care brand with a lineup of products based on natural and herbal ingredients. Today, it has evolved into a popular brand with a revenue of over Rs 100 crore, an extensive retail footprint in 18 states across India, and exporting to over 25 countries.
Last year, it launched ‘Atulya’ brand to offer premium Ayurvedic products.
Going herbal:
- Atulya’s range includes products for skincare, haircare, body care, eyecare and wellness made using ingredients such as amla, bhringraj, hibiscus, black seed, tea tree, and aloe vera.
- The company has invested around Rs 30 crore on a new plant in Manesar, Gurugram, which will be utilised to ramp up production for Atulya.
- As per founder Gaurav Singh, its standout proposition in the haircare segment is its use of veg keratin made using plant-based ingredients instead of obtaining it from animal sources.
Culture
All about Kolkata’s Durga Puja
Over time, Kolkata’s Durga Puja, or Pujo as it is fondly called, has perfected the art of retaining traditional rituals along with the inclusion of new formats in pandal decor, food and cultural activities.
The 10-day festival, dedicated to the Hindu mother goddess Durga, is the world’s biggest public art festival and was included in UNESCO’s Intangible Cultural Heritage of Humanity list in December 2021.
Celebration:
- This year, there will be pandals highlighting topical themes such as climate change, women’s empowerment, and public health. Some also draw inspiration from global events, cultures, landmarks, and international monuments.
- Both large restaurants and small-time entrepreneurs set up food stalls. “As per tradition, on Durga Puja, the woman of the house got rest since the entire family ate out,” says food writer Anindya Sundar Basu.
- JW Marriott Kolkata offers a staycation package including a spread comprising Kolkata-style mutton biryani, kochi pathar jhol aloo diye (mutton gravy served with potatoes), sorse bhapa maach (steamed mustard fish), dhokar dalna (cottage cheese gravy), etc.
News & updates
- Copycats: Extraordinary demand for Novo Nordisk’s Ozempic and other drugs used for weight loss is fueling a global surge in counterfeit versions. The U.S.-based Pharmaceutical Security Institute is working with agencies, as well as companies that help identify counterfeit products.
- Machined: Amazon is trialling humanoid robots in its US warehouses, saying the move was about “freeing employees up to better deliver for our customers”. It was testing a new robot called Digit, which has arms and legs and can move, grasp, and handle items in a similar fashion to a human.
- New plans: X will launch two new tiers of subscriptions for users, said Elon Musk. One will be “lower cost with all features, but no reduction in ads,” while the other is “more expensive, but has no ads”. The social media company already has an $8 per month subscription service called X Premium.
Which Indian batsmen made the highest partnerships by runs in a Cricket World Cup?
Answer: Sourav Ganguly and Rahul Dravid, 318 runs against Sri Lanka in 1999.
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