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Sameer Nigam, PhonePe Digital payments decacorn PhonePe aspires to become a bank, but it is in no hurry, said founder and CEO Sameer Nigam. He added that PhonePe is aiming to become a full-fledged financial services super app. Answering a question at a CNN News18 Townhall in Bengaluru on whether PhonePe would ever become a bank, Nigam said that the company first needs to mature and grow to a different level to become a bank. “We need to grow on a whole different level — we have not grown enough. We are a seven-year-old tech startup — you don’t wanna put deposits in our bank right now. The answer may change in 10 years, but we are not there yet,” Nigam said. According to data released by the National Payments Corporation of India (NPCI), PhonePe continues to be the top player in the Indian payments ecosystem and accounted for nearly 50 percent of all UPI transactions processed in December 2022. “When we started, we never thought we would be an insurance broker or a mutual … [Read more...] about We need to grow first: Sameer Nigam on whether PhonePe will become a bank

The government should have a central law to regulate the online gaming sector, and the first step towards this front is treating these apps as intermediaries, Union Minister of Electronics and Information Technology Ashwini Vaishnaw said in the Lok Sabha on February 8. “We as responsible lawmakers should come with a central act, which basically has been drafted in consultation with everybody and that act should be effectively regulating the online games and online gambling,” he said. “Already 19 states and Union territories have passed their own laws. Seventeen states have actually amended the Public Gambling Act, 1867, and introduced the online gambling elements within the act,” the minister said. The government had designated the Ministry of Electronics and Information Technology (MeitY) as the nodal ministry for all online gaming related matters in December 2022. Subsequently, on January 2, 2023, MeitY proposed a self-regulatory mechanism, mandatory verification of … [Read more...] about India should have a central law on online gaming: IT minister Ashwini Vaishnaw

In Q4, Freshworks added approximately 1,800 new customers and ended up with more than 63,400 total customers, said CEO Girish Mathrubootham Nasdaq-listed software-as-a-service major Freshworks reported consolidated revenue from operations of $133.2 million for the full year 2022, up around 26 percent year-on-year, with its annual recurring revenue (ARR) for 2022 exceeding $500 million mainly on account of new business wins. “In this environment, as companies are seeking greater value for their IT spend, we are seeing that Freshworks ' value proposition resonates more than ever. In Q4, we added approximately 1,800 new customers to our growing base and ended up with more than 63,400 total customers,” said the company’s Chief Executive Officer Girish Mathrubootham while announcing the fourth quarter results on February 8. The company’s new customer base include players like the San Francisco 49ers, Finchoice, Mahindra, Supara, St. Marche, and Yulu Bikes. “Despite … [Read more...] about Freshworks surpasses $500 million ARR in 2022, plans to break even by Q3 of 2023

Doosan Corporation, a holdings company of Doosan, posted a net loss of 587.3 billion won ($466 million) for 2022 on Thursday, swinging to red. The consolidated net loss is due to a one-off expense caused mainly by non-operating goodwill impairments, meaning that its asset was evaluated to be carrying less value than at the time of purchase, according to Doosan. The net figure missed the analyst forecast of 48.5 billion won in profit. Operating profit increased 22.5 percent to 1.13 trillion won, and sales came in at 17.1 trillion won, up 32 percent on year. Both figures beat market expectations. It is the first time in three years that Doosan Corp. reported an annual operating profit of more than 1 trillion won. Strong performance of Doosan Bobcat mainly pushed up the bottom line for the holdings company. Doosan Bobcat, a construction equipment supplier, saw a 66.9 percent jump in net profit to 644 billion won in 2022. Operating profit surged 80 percent to 1.07 trillion won, … [Read more...] about Doosan Corporation posts net loss of 587.3 billion won for 2022

Many once-promising financial startups are cash-strapped; others have broken business models. By Jeff Kauflin & Emily Mason ; Illustration by Matt Chase for Forbes ON November 15, the cofounders of Ribbon Home, a five-year-old financial technology company that promised to fix a “broken” homebuying market by offering buyers the ability to make all-cash offers, sent a cryptic and disconcerting email to its entire staff. “During this time of uncertainty, we ask team members who are not customer- or finance-facing to shift their focus from work to self-care, spending time with family and doing things that bring you comfort,” it read in part. Six days later, New York City-based Ribbon dismissed 85% of its staff—190 people—and cut severance to one week’s pay versus the six weeks employees had been previously promised. Fewer than 30 people remain today, and the company recently announced that it has paused all new business. Ribbon’s days are … [Read more...] about Merge Or Perish: 25 Struggling Fintech Startups

Inside the chaos at Synapse, where questionable management tactics by CEO Sankaet Pathak have left the company with its future in jeopardy. I n July 2019, the 29-year-old CEO of San Francisco financial technology startup Synapse scolded five of his engineers for not making faster progress. “Do you even enjoy this project?” Sankaet Pathak asked. “Not really,” the team’s leader answered. “That’s it, you’re out,” Pathak declared, firing the employee on the spot in front of his colleagues. Synapse’s Human Resources director, Juan Aguayo, confiscated the terminated worker’s key card and computer. But as Aguayo spoke, he received a message on his laptop, and his tone started to change. Minutes later, he said to the engineer, who was now crying, “Don’t worry, you’re not fired.” The dazed, confused employee went back to his desk. Pathak never spoke to him about the incident again, acting like it never happened. The engineer started looking for a new job the following week … [Read more...] about Broken Synapse: Why Employees And Customers Are Fleeing This Andreessen-Backed Fintech Startup

Share to Twitter Share to Linkedin Elon Musk’s irate tweet calling a little-known British rescue diver “pedo guy” can be described as many things — juvenile, rude, out of line maybe  — but it’s not defamation, a California jury of three men and five women declared Friday. According to the ruling which followed the four-day trial , Musk is not liable for damages. “My faith in humanity is restored,” Musk told reporters as he left the courtroom. The suit, which Musk characterized as a “shakedown” on Wednesday, sought unspecified damages. Forbes estimates his net worth to be $23.7 billion , as of December 3, 2019. The billionaire tech entrepreneur spent nearly four hours on the stand in U.S. District Court in Los Angeles Wednesday, holding fast to his conceit that “pedo guy,” his description of Vernon Unsworth, the diver and cave expert involved in the 2018 rescue of a junior soccer team trapped in a Thailand cave system, is not synonymous with “child … [Read more...] about Elon Musk’s ‘Pedo Guy’ Tweet Isn’t Defamation, Jury Rules

Share to Twitter Share to Linkedin China’s launch of the digital yuan has prompted a scramble in Northeast Asia among central banks to assess the merits of CBDCs. Japan, South Korea and Taiwan are all at different stages of CBDC testing that they likely never would have begun if it were not for Beijing’s determination to develop a digital fiat currency. That begs an important question: Does the rest of Northeast Asia need CBDCs? After all, the respective initiatives of Japan, South Korea and Taiwan are inherently reactive, in contrast to Beijing’s proactive approach. The People’s Bank of China (PBoC) created the e-CNY for specific reasons that speak to long-term strategic objectives of the central government: domestically, to strengthen resilience in a payments ecosystem dominated by Big Tech (Alipay and Tenpay) and gain greater control over the digital money supply, while in the cross-border space the aim is to gradually boost the renminbi’s global reach … [Read more...] about Why Northeast Asia-Ex China Is Ambivalent About CBDCs

Share to Twitter Share to Linkedin As questions surrounded equity control of Oracle Red Bull’s Formula 1 team, and changes to sustainability for the racing series are set to take a larger role, Porsche fell by the wayside, and Ford decided to make their return to the sport after a 22-year absence. It’s not often that one can say, “When a door closes, another door closes which leads to a door opening,” but that may best describe what has happened with consecutive F1 driver championships in 2021-22 and 2022 constructor champion Oracle Red Bull Racing. A seismic shift has occurred with those supplying powertrains in F1 as an increase in renewable technology continues to dramatically alter the consumer automotive market. In 2021, Honda left primary support for Red Bull as they moved away from combustion engines. Honda has pledged to be carbon-neutral by 2050. With not just Honda but others seeking to increase battery technology, and other renewable … [Read more...] about How Oracle Red Bull Racing Walked Away From Porsche And Ford Stepped In

Share to Twitter Share to Linkedin Note: Ralph Lauren’s FY’22 ended on April 2, 2022 Ralph Lauren (NYSE: RL) , a company engaged in the design, marketing, and distribution of premium lifestyle products, including apparel, accessories, fragrances, and home furnishings, is scheduled to report its fiscal third-quarter results on Thursday, February 9. We expect Ralph Lauren stock to likely trade lower with both revenues and earnings missing expectations marginally. We expect soaring inflation and increasing manufacturing and transport costs to continue to negatively impact the company’s bottom line in Q3. That said, almost 40% of Ralph Lauren’s production takes place in China and Vietnam – which could lead to costs rising over the coming quarters as well. But still, Ralph Lauren backed guidance for high single-digit growth in FY’23 from the prior year despite a whopping 730 basis point negative impact from currency fluctuations. The gross margin is … [Read more...] about Will Ralph Lauren Stock Trade Lower Post Fiscal Q3?