Startups - NewNerve

From CA to Bio Pool Pioneer: A Splash of Innovation

3Sep

By AnkitNo Comments

Startups

From CA to Bio Pool Pioneer: A Splash of Innovation

In the ever-evolving landscape of innovative startups, Vikash Kumar stands out as a remarkable example of how passion and purpose can drive entrepreneurial success. Once a Chartered Accountant (CA), Kumar made the bold decision to leave his accounting practice behind and venture into the world of sustainable living by founding a startup that specializes in constructing eco-friendly, chemical-free swimming pools known as "bio pools" or "natural pools." The Journey Begins: Personal Motivation Kumar's transition from a stable career in accounting to an entrepreneurial path was deeply rooted in personal concerns. As a father, he became increasingly worried about the health implications of traditional swimming pools, which often rely on harsh chemicals like chlorine. Observing his children en...

Business Model of xto10x – Helping Startups Scale with Proven Expertise

21Aug

By AnkitNo Comments

Startups

Business Model of xto10x – Helping Startups Scale with Proven Expertise

Founded in October, 2018, by Binny Bansal, along with former Flipkart executives Saikiran Krishnamurthy and Neeraj Aggarwal, xto10x is a startup dedicated to helping growth-stage companies scale effectively. By addressing common challenges faced by these businesses, xto10x provides tailored solutions that empower startups to reach their full potential. This article explores xto10x's business model, its impact on startups, and the unique features that set it apart in the competitive landscape. Business Model of xto10x xto10x operates on a hybrid business model that combines consulting services with software solutions. The company offers three primary offerings: Technology and Product Suite: This includes tools designed to help startups scale efficiently, focusing on areas such as str...

Synapse Bankruptcy: A Warning Sign for Fintech?

16Jul

By AnkitNo Comments

BFSI, Business, Fintech, Payments, Startups

Synapse Bankruptcy: A Warning Sign for Fintech?

The recent bankruptcy of Synapse, a prominent fintech company, has sent shockwaves through the industry, raising concerns about the stability of the burgeoning sector. Synapse, known for its innovative banking-as-a-service (BaaS) platform, filed for Chapter 11 bankruptcy on [date], citing a combination of factors, including rising interest rates, a challenging economic environment, and a decline in customer demand. The company's collapse has sparked widespread debate about the future of fintech, with some experts questioning the sustainability of the industry's rapid growth. Here are some key takeaways from the Synapse bankruptcy: The BaaS model faces challenges: Synapse's reliance on the BaaS model, which provides banking services to other businesses, proved vulnerable to market...

MariBank Founder Zheng Yu Dong Resigns as CEO, Transitions to Advisory Role

12Jul

By Ankit1 Comment

Fintech, Banking, Global BFSI, Startups

MariBank Founder Zheng Yu Dong Resigns as CEO, Transitions to Advisory Role

Zheng Yu Dong, the founding CEO of MariBank, a digital bank licensed by the Monetary Authority of Singapore (MAS) and a wholly-owned subsidiary of Sea Group, has announced his decision to step down from the CEO role after a five-year tenure. According to a LinkedIn post by Zheng, he will continue to serve as an advisor to both MariBank and Sea Group, the parent company. Sea Group has secured two digital banking licenses - one in Singapore to establish MariBank, and another in Malaysia for the yet-to-be-launched YTL-Sea Digital Bank Project. Under Zheng's leadership, MariBank has reported significant growth in its customer deposits and balances. In 2023, the digital bank recorded S$503.8 million in deposits and balances, a massive increase from just S$2 million the previous year. H...

Union Budget 2024: Continuity and Challenges

10Jul

By Ankit2 Comments

BFSI, Economics, Finance, Startups

Union Budget 2024: Continuity and Challenges

Finance Minister Nirmala Sitharaman is set to present her seventh consecutive Union Budget 2024, including the Interim one earlier this year. This continuity is remarkable, but there’s more to it. Let’s delve into the key points: Fiscal Consolidation Path: Officials suggest that the full Budget will likely adhere to the fiscal consolidation path set in the Interim Budget, maintaining the fiscal deficit target for the current financial year at 5.1% of GDP. The robust GDP growth and a record dividend from the Reserve Bank of India provide support. Tax Breaks vs. Welfare: There’s buzz about tax breaks for the salaried class, especially those at the bottom rung. Some argue that tax breaks are more effective than welfare schemes in boosting consumption by putting more disposable income ...

Global Firms Acquire Majority Stake in PB Fintech as Early Investors Exit | July 3, 2024

3Jul

By AnkitNo Comments

Insurtech, BFSI, Startups

Global Firms Acquire Majority Stake in PB Fintech as Early Investors Exit | July 3, 2024

Gurugram-based fintech firm PB Fintech, which operates insurance marketplace Policybazaar and credit platform Paisabazaar, has seen a surge in interest from global and domestic institutional investors. Several early-stage investors in the company have exited their positions, either fully or partially, through bulk deals since the firm went public in 2021. American financial services major Capital Group, as well as asset management firms T. Rowe Price, Fidelity, and Vanguard, have all acquired significant stakes in PB Fintech. Capital Group now owns around 10% of the company through various investment vehicles, according to a person familiar with the matter. Here are the main highlights: Foreign portfolio investors (FPIs) have been actively acquiring shares in PB Fintech. This incl...

Distil Raises $3.1 Million in Seed Funding Led by Jungle Ventures

27Jun

By AnkitNo Comments

Startups

Distil Raises $3.1 Million in Seed Funding Led by Jungle Ventures

Distil, a tech-enabled platform for specialty chemicals, has raised $3.1 million in seed funding led by Jungle Ventures and India Quotient. This investment marks a significant milestone for Distil, enabling them to expand their operations and solidify their position as a leading player in the specialty chemicals market. Addressing Key Challenges in the Specialty Chemicals Industry Distil, founded by IIT-Bombay alumni Atanuu Agarrwal, Karan Hirani, and Viraj Shah, tackles critical pain points faced by the specialty chemicals segment. The company's platform provides a solution to inefficiencies such as: Fragmentation: Distil eliminates the need for multiple intermediaries, streamlining the procurement process. Unreliable Quality: The platform ensures consistent and reliable quality...

India’s Fintech Sector: A Unicorn Breeding Ground with $11.4 Billion Potential

21Jun

By Ankit1 Comment

Fintech, Startups

India’s Fintech Sector: A Unicorn Breeding Ground with $11.4 Billion Potential

India's burgeoning fintech sector is proving to be a hotbed for future unicorns, with a staggering 30 startups poised to reach the coveted billion-dollar valuation mark, according to a recent report by Business Standard. This burgeoning ecosystem, valued at a collective $11.4 billion, is attracting significant investor interest and driving innovation across the financial landscape. The report, drawing insights from data compiled by Tracxn, highlights the key factors fueling this growth: Strong Government Support: The Indian government's proactive policies, including the Digital India initiative and the push for financial inclusion, have created a fertile ground for fintech startups to flourish. Favorable Regulatory Environment: The Reserve Bank of India (RBI) has been instrument...

Paytm Doubles Down on Payments and Distribution: A Return to Core Strengths

11Jun

By AnkitNo Comments

Payments, Fintech, Startups

Paytm Doubles Down on Payments and Distribution: A Return to Core Strengths

Paytm, the Indian fintech giant, is making a strategic shift, returning to its core strengths: payments and distribution. The company, which had ventured into various businesses like financial services, e-commerce, and grocery delivery, is now prioritizing its original offerings. This move comes after facing challenges in these newer ventures and a need to streamline operations. Back to Basics: A Strategic Shift Paytm's decision to refocus on its core competencies is a strategic move aimed at achieving greater efficiency and market share. This shift reflects the company's commitment to building a sustainable and profitable business. Here's a breakdown of Paytm's new strategy: Payments: Paytm's payments platform remains a key driver of revenue, encompassing mobile wallets, UPI pay...

Agnikul’s “Agnilet” Engine: A 3D-Printed Revolution in Space Exploration

31May

By AnkitNo Comments

Startups, Space, Technology, Viral

Agnikul’s “Agnilet” Engine: A 3D-Printed Revolution in Space Exploration

Chennai, India: India's burgeoning space sector has just reached a new milestone with Agnikul Cosmos, a Chennai-based startup, successfully launching the world's first 3D-printed rocket engine. This groundbreaking achievement marks a significant step forward in the field of space exploration and opens up exciting possibilities for the future of rocket technology. The engine, named "Agnilet," was part of Agnikul's inaugural launch of its "Agnibaan" rocket, a small-lift launch vehicle designed to carry small satellites into orbit. The launch, was a resounding success, with the rocket successfully deploying its payload into low Earth orbit. What makes this launch truly historic is the use of 3D printing technology to manufacture the rocket engine. This innovative approach offers several...