Grateful to have completed 2 years with this rockstar team! Thank you so much for all the opportunities,
@chandrarsrikant
🙏
Plugging a few significant stories (sorry, if that sounds delulu) from the past 24 months 🧵🧵
🚨🚨Please join me in welcoming
@deepsekharc
to the
@moneycontrolcom
tech and startup team.
He is a rare individual who moved from Delhi to Blore and back to Delhi again cos he loved Delhi
more 👀
Looking forward to learn more about the Delhi NCR ecosystem via his stories🔥
"A lot of times, youngsters from small towns think it is important to drink or smoke so as to fit in. I would like to tell them not to fall for that. Put all your energies into building an incredible company,"
@vijayshekhar
told
@alnehaa
and me
#Paytm
IT minister
@AshwiniVaishnaw
shows his professor's instincts at a press briefing on 3 major semiconductor projects worth Rs 1.26 lakh crore approved by Cabinet today.
Here he is explaining how India's chip design, ATMP and fab ecosystems will come together
Via
@moneycontrolcom
@debarghya_das
Nice thread, Debarghya! Taking the opportunity to plug the link of a
@moneycontrolcom
story that reported all of it last week.
News gathering is hard... would appreciate it if you can post the link when you tweet stuff from any publication. Thanks!
"The thrill of RRR is not the density of its storytelling, though—it’s the exuberance of it... If wonder is to be consistently found on the big screen, then Hollywood has plenty of new lessons to learn from its best competitor."
👀👀Only 3 board members remain in Byju's:
1) Byju Raveendran himself
2) Divya Gokulnath (wife of Byju Raveendran)
3) Riju Raveendran (brother of Byju Raveendran)
BREAKING: 3 board members resign from Byjus, due to differences in the way the business is being run.
GV Ravishankar - Peak XV
Russell Dreidenstock - Prosus
Vivian Wu- Chan Zuckerberg
@moneycontrolcom
Ola is subtitled as Uber in Choked. So mindfucked that I have paused the movie to write this tweet.
Intended as two product placements simultaneously? Has SoftBank financed the movie?
@anuragkashyap72
@NetflixIndia
Expected 32 lakh weddings till 14th December and a trade of about Rs 3.75 lakh crore
*In Delhi alone, 3.50 lakh weddings to be solemnised and a volume of Rs 75 thousand trade is expected in Delhi*
^ Projections by
@praveendel
of traders' body CAIT
Byju's has settled Rs 2,830 crore of payments for the billion-dollar Aakash deal and is yet to pay around Rs 4,000 crore.
And Rs 2,000 crore is due in 8 days, according to auditing firm
#Deloitte
Here are few other red flags the auditor highlighted 🧵🧵
What is
#ONDC
all about? How does it seek to disrupt e-commerce disruptors like Amazon, Flipkart, Swiggy, Zomato?
🔮🔮Re-plugging our deep-dive explainer on everything
@ONDC_Official
🚨 BIG: In what is expected to be the first big test for Open Network for Digital Commerce or ONDC, it is set to go live for users at 16 pin codes of Bengaluru today. More than 200 grocery stores and restaurants have been onboarded
@deepsekharc
✍
@elonmusk
@MrBeast
- Share Ad Revenue with Creators (Instagram and TikTok don’t do that)
- Introduce Categories / right now it’s too focused on Entertainment
- Allow engagement / Polls within the videos would be awesome / and more features like that
Fake payments for Thailand trip. Commissions charged by fake recruitment services. Payments for personal utilities like fridge and TVs.
"They treated
#BharatPe
as their personal
#fiefdom
"
🚨🚨Over the last 2 weeks,
@moneycontrolcom
had multiple conversations regarding artificial intelligence with
#Zerodha
chief technology officer Kailash Nadh
Zerodha is the first Indian company we know to have an
#AI
policy on jobs. Incidentally, Nadh has a PhD in AI
🧵🧵(1/n)
📢Amid
#funding
winter, data from Zapkey shows that 11
#startup
founders and executives bought houses worth a total of Rs 507 crore this year 🧵
via
@moneycontrolcom
This graph seems to suggest that India's democracy was at the same level in 2020-21 as it was in 1977-78 (the year of emergency). 🙃
We must all have the opportunity to take a sip of what these 'experts' are enjoying
So long as the Indian public, the real sovereigns of India, are happy with their democracy, who are these fake experts to judge us? What competence do they have?
@jsaideepak
@MRVChennai
@ARanganathan72
can they judge 17% of the world sitting in their holes?
@anuraag_saxena
@debarghya_das
The top 1,000 are the brightest and even get the best education in next 4 years. But where do they disappear? 70k of them since 1950.
Very few known contributors like AKS Primality to society (fewer if you take out non-engg outcomes like Shiraz Minwalla, Kejriwal, D Subbarao)
🚨🚨 I was cautioned that Byju’s would swallow us, says
#Coursera
CEO Jeff Maggioncalda
Valuations then:
Coursera: $4.3 B
Byju’s: $15 B (went up to $22 B at peak)
Valuations now:
Coursera: $2.9 B
Byju’s: $1 B
Who had the last laugh?
@chandrarsrikant
Big For Startups, VCs, ESOPs;
Long term capital gains tax on unlisted shares of companies to be brought down from 37% to 15% which is the current LTCG on listed equites, says FM
@nirmak
#Budget2022
#BudgetForStartups
This just happened. I was dining alone at a dhaba... Couple comes and sits on the same table coz no space. We chit chat a bit. As I am leaving, guy asks me how was my Valentine's day.
I mean, dude...
🚨🚨
#BREAKING
Just before Budget, govt issues notification on slashing import duty on mobile phone spare parts from 15% to 10%.
This move is expected to make made in India mobile phones more competitive for exports.
@chandrarsrikant
Starting with
#Amazon
, every large
#ecommerce
platform has tried to be an 'everything store.'
With the tech ecosystem attracting hundreds of billions in funding, that ambition also expanded to becoming a 'super app' like
#WeChat
or GoTo
Long thread 🧵🧵 (1/n)
🚨 The ONDC explainer I've been waiting for!
Understanding ONDC, the open network billed to be the UPI of e-commerce
@deepsekharc
breaks it down really well 👇👇
🧵📢Amid the funding winter that has gripped the startup ecosystem,
#Chennai
has thrown up a surprise.
>> The city's
#startups
raised $1,5 billion in 2022, crossing the billion-dollar mark first time ever in a year.
>> Delhi-NCR has been the worst-hit by the funding crunch
Momentous occasion for commercial
#spacetech
in India.
#GSAT24
commissioned into service by
@TataPlayin
today. It went into orbit last year. Testing completed. Will beam 900 channels. First demand-driven satellite operated by NSIL and built by
#ISRO
Via
@moneycontrolcom
Remembering reading somewhere long ago: McKinsey's Rajat Gupta was first given the over-speeding ticket equivalent of insider trading charges. When he went to town dissing it, the prosecutors got enraged and went back on the road to find a case of hit and run.
🚨🆕 Scoop: A group of founders have written a letter to Prime Minister Narendra Modi, Finance Minister Nirmala Sitharaman, and the Reserve Bank of India urging them to reconsider the recent sanctions against Paytm and engage in constructive dialogue with the Fintech ecosystem.
Don't get people wishing for a good game. I love cricket, but I want Aus to get a drubbing tom
Still scarred by memory of the never ending first over by ZaK. And Sachin mistiming that McGrath ball
I want that devastation to happen to Aus
Good night and best wishes, everyone!
In an hour-long chat with
@moneycontrolcom
, Union Minister
@Rajeev_GoI
lays out blueprint of India's trillion $ digital economy
In the interview: Data protection. 5G tech. Social media intermediaries. Chip and cloud economy
And much more!
With
@AihikS
Who are the coolest women in India's product ecosystem?
Ahead of
#TheMakersSummit2020
,
@Inc42
threw the nominations open.
If you are a founder looking to build a great product, this list is a goldmine for you
#InternationalWomensDay
🚨India is planning an incentive scheme to help domestic cloud-technology companies and
#startups
tackle the domination of Microsoft Azure, Amazon Web Services and Google Cloud
via
@moneycontrolcom
#Coursera
to teach in Indian languages like Hindi, Tamil as AI drives down translation cost by 500X
Over next 12 months, even videos on Coursera will become translate-able and lip-synced due to AI (as you can see below), says CEO Jeff Maggioncalda
🚨Groundbreaking ceremony of Micron's semiconductor packaging plant at Sanand, Gujarat
"This plant will be a beacon to all other participants in global semiconductor ecosystem," says
@Rajeev_GoI
Via
@moneycontrolcom
📌📌India's $10 billion chip manufacturing package is too expensive a plan for creating jobs, according to Raghuram Rajan. He puts the cost at Rs 4 crore per job to be created
However, industry body ICEA has come up with a plan that may be 99% cheaper 🧵🧵(1/n)
Three quarters after IPO,
#Zomato
had its first ever earnings call on Tuesday.
Until this point, Zomato's communication with the outside world had been just through CEO Deepinder Goyal's tweet storms and blog posts
Thread 🧵🧵 (1/n)
#Zomato
founder Deepinder Goyal says he will give away his ESOP grants that he got just before IPO last year
But the question about Indian founders getting ESOP grants without performance targets remains. Here's my story from a couple of weeks back
India missed the bus in Semiconductors. Is playing catch up in AI
The next big thing is going to be quantum tech, and the world has already invested $36 billion for it.
Google, IBM, Intel are racing to develop it. China has pledged
#15
billion
Where's India?
Thread 🧵🧵
When
#Zomato
shared its result for the first quarter in August, it played up the number zero.
It had claimed that the food delivery segment had broken even in terms of ‘Adjusted Ebitda’.
But, it seems that was not really true.
🥵 Is Bengaluru losing its cool?
The worry now for the IT capital of India, already facing a water crisis in some areas, is whether the temperature will surpass the highest of 39.2°C recorded in April 2016 or touch 40°C, possibly for the first time in Bengaluru's history
Good
Now,
@chandrarsrikant
delivers her mega TCS-Gopinathan scoop in chaste
#Hindi
!
Note that she grew up in Hyderabad, then pursued academics in Chennai for 7 years and has been living in Bangalore since.
Watch and
#BeBlownAway
Ashwini Vaishnaw to introduce Telecommunications Bill 2023 in Parliament at 12 pm.
The proposed legislation seeks to replace the Indian Telegraph Act, which has been in existence for 138 years
Via
@moneycontrolcom
@chandrarsrikant
Jio, Voda Idea, Airtel 5G test beds to be used for launch. Company chiefs to be on stage with PM Modi. 5G services launch to follow in 7 cities (incl Delhi, Mumbai): Source
UPI moment for transport?
Data of all road operators to be brought on a single platform via APIs - this will lead to efficient movement of goods, reducing logistics costs. Open source mobility stack for seamless transport of passengers will also be facilitated
#Budget2022
Scott Beaumont, President of Google APAC:
-4 BN transactions on GPay this month
- 200K developers from India on Google
- 750k creator economy jobs by YouTube in India
- Android has created 2 MN jobs in India
#GoogleForIndia
Via
@moneycontrolcom
@chandrarsrikant
@tsuvik
🆕️🚨 32 companies have applied to make laptops, tablets, servers under Rs 17,000 crore PLI 2.0 scheme
Companies like Dell, Acer, Asus, Lenovo have applied. But
#Apple
has given it a miss
Via
@moneycontrolcom
@chandrarsrikant
Here's a list of 30 applicants till 1 PM today:
A lot of times, elders in the family didn't care if we weren't back home for lunch on a weekend.
They knew there would be some neighborhood kid whose parents would be feeding us to the brim that day
#Swedengate
ONDC crosses 5 million transactions in a month for the first time in December
Of the 5.5 million transactions made via ONDC in December, 2.1 million were in the retail category, while 3.4 million were in the mobility category. Within the retail segment, food delivery and fashion
PR agencies call you up for random shit all throughout the day. But give the one important story to a select few.
I got a funding release at 11:50 pm saying it is on embargo till 11:59 pm. Another website publishes with more info + quotes than don't sound robotic. Not cool
📢🚨The most important thing first.
After disrupting the stock-broking industry,
#Zerodha
seems to be getting ready to shake up the mutual funds industry
Here's what
@Nithin0dha
told me this week: 🧵🧵
Tech companies: "We grew 5X this year".
Editor-fearing journalists: "Sure, congrats. But please specify if you mean GMV, revenue, number of users or number of transactions."
⬇️⬇️ Valuation cuts in
#India
tech by private investors:
*Ola down 35% to $4.8 bn (Vanguard)
*Swiggy down 49% to $5.5 bn (Invesco)
*Oyo down 73% to $2.2 bn (SoftBank)
*Byju's down 73% to $6 bn (Prosus)
[Caveat: Byju's is still raising fresh money at $22 bn valuation]
"When I started up, my dad asked janta hain tera baap kaun hain?... Over the past 16 years, especially 7-10 yeras, the government has kept itself out of the way of startups... hope it continues," says
#Zomato
chief Deepinder Goyal
Via
@moneycontrolcom
@chandrarsrikant
#Mamaearth
mentions the phrase 'economies of scale' 13 times in its red herring prospectus. I
>>It seeks valuation of over 105x P/E in IPO
>> It is increasingly an offline brand rather than online D2C
>> New SKUs have an outsized impact on revenue growth
Via
@moneycontrolcom
🚨
@NRAI_India
Food Services Market report
- Avg dine-out frequency of consumer is 3.7 times per month, ordering at 4.2
- Market size of Rs 5.7 lakh crore, growing at 8% cagr
- Employs 86 lakh now, to top 1 crore by 2028
- 1.4% share of GST collection
Via
@moneycontrolcom
@deepsekharc
read your totally biased news article against
@Ashneer_Grover
today on moneycontrol. Are you also getting paid by company?
Shameful how company doing everything it can to trouble it's former founder! TV fridge and medical bills! He can buy thousands.
The Instagram team within
#Meta
is hashing out a plan to build a standalone app that will compete with
#TwitterFiles
@tsuvik
and I have exclusive details about what this app's minimum viable product might look like 🧵🧵
(1/n)
Last few months have been painful for
#Ecommerce
.
#Inflation
has hurt sales. Demand has shifted back to offline.
So, a lot is riding on the festive season sales that started on September 23
🧵🧵What are the early signs looking like?
🚨Flipkart, Amazon return to deep discounts, mega ad spends to kickstart festive sales. Sellers see 2.5 times jump in demand but they are unhappy over high costs of keywords, lower average selling prices, delayed dispatches
By
@deepsekharc
&
@sangha_kar
✈️✈️Travel aggregator Ixigo’s listing pop today was not just a significant outcome for the company’s founders, investors and employees.
As the company’s shares hit upper circuit on market debut, it became a milestone event for a few other significant stakeholders. 🧵🧵
(1/n)
#FirstCry
founder and CEO Supam Maheshwari has offloaded 9.3 million shares in six months before filing for IPO.
At most recent value, this offloaded stake would be worth Rs 453 crore.
Also, he offloaded 6 million of these above shares within 10 days before filing DRHP
Remember the good old days of 1+1 and 2+2 on food and drinks on
#Zomato
Gold?
Those days of peak dine-in freebies might be coming back. And not only on Zomato. But
#Swiggy
as well.
Long thread 🧵🧵
(1/n)
🚨Scoop: Zomato and Swiggy have started pilot dine-in projects in Hyderabad, offering discounts of as much as 25 percent to customers who pay their food bills through their apps. Eateries are not too happy
@deepsekharc
tells you why
New-age companies have been stating an 'Adjusted EBITDA' number which doesn't count ESOP as expense. OYO goes a step further in stating an EBITDA that doesn't count ESOP cost.
And making other adjustments against that EBITDA. Will double-adjusted EBITDA become the new norm? 🤔
This is fake accounting! There is nothing like an adjusted ebidta. They are trying to mislead Investors by such fake accounting. Regulators and stock exchanges should stop such misreporting in india
@chandrarsrikant
@chandrarsrikant
@RemindMe_OfThis
when Byju's files FY22 results. To check: whether recognised revenue has grown 4X, how much of Rs 10,000 crore revenue finds recognition, if net loss really halved
CC
@patwardhannn
How does a company add a trillion dollars of market cap in just 67 days?
@moneycontrolcom
will look to find a few answers over the the next few days at
#GTC24
🆕️🚨 SCOOP:
#ONDC
revises incentive scheme scheme. Important changes:
- Focus on tier 2,3 cities
- More flexibility to buyer apps on how they disburse discounts for specific orders, users
- Food delivery aggregate incentives lowered by 50%
And more...
Via
@moneycontrolcom
🚨 With 2,500 delivery workers on strike since last week, Zomato-owned
#Blinkit
is permanently shutting down some dark stores + disabling the log-in IDs of the delivery riders
Via
@moneycontrolcom
Whitehat Jr has contributed Rs 326.66 crore of total revenue and loss of Rs 1,548.76 crore to the loss before tax from operations.
“WhiteHat Junior has been a challenge on the cost side,” Byju Raveendran said yesterday
Your grandfather officially ordered the butchering of 20,000 Bangladeshis. Your mother helped create Taliban and supported jihad in Kashmir. Meanwhile, your 10% commission charging father profiteered from all this.
@BBhuttoZardari
Pakistan's foreign minister's unexpected reaction to the Indian External Affairs minister's remarks
“I want to tell India that Osama bin Laden has been killed while the butcher of Gujarat is still alive & he is the PM of India"Says Foreign Minister of Pakistan
@BBhuttoZardari
Recap of Byju's newsflow: hardware sales account for most of revenue > Mgmt leverages stake to raise debt > Packages receivables as debt > auditors refuse to sign off annual report > Fails to pay off M&A obligations > $300 mn acquisition cuts workforce
Ticking time bomb?
📌Why are hyperlocal delivery companies always cutting delivery fees paid to gig workers?
🧵🧵छोटी मगर मोटी thread.
Per an industry exec, the hyperlocal delivery sector's modus operandi is to cut delivery fees paid out to riders when order volume rises in an area/on a platform
Blinkit strike: BJP leader writes to deputy labour commissioner on pay cut of delivery workers. Around 2,500 delivery workers of Zomato-owned Blinkit are on strike in Gurugram. More are protesting in Delhi and Noida
@deepsekharc
reports
🚨🚨The question on everybody's mind has been: Why did Rajesh Gopinathan quit as
#TCS
chief?
✍️
@chandrarsrikant
is the only journalist in the country to have the answer
#SCOOP
hot off the press
@moneycontrolcom