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00:00 RBI stops Paytm Payments Bank from performing core banking operations
02:22 Trigo introduces their three-wheeler scooter
03:03 Byju’s valuation has dropped to just $25 million
03:44 PB Fintech reports maiden profit
04:26 Zepto planning to move their headquarters back to India
05:07 Sponsor segment
06:06 Zomato removes “On-Time Guarantee” benefit for Zomato Gold members
07:01 ONDC pilots into financial services
07:45 Funding news

RBI stops Paytm Payments Bank from performing core banking operations:

1. On 31st January 2024, RBI asked Paytm Payments Bank to stop accepting any deposits and processing credit transactions.
2. From February 29. Basically, Paytm Payments Bank can’t perform any banking services that a payments bank is supposed to perform.
3. customers can still use the money in their respective accounts to process transactions till the money is exhausted.

Trigo introduces their three-wheeler scooter :

1. The TriGo Gen2 - the monster cruiser like a three-wheeler scooter is actually TriGo’s electric touring cruiser bike.
2. This cruiser will have a range of 250 km and a top speed of 120 kilometers per hour.

Byju’s valuation has dropped to just $25 million:

1. Byju’s - which was once India’s most valuable startup at a valuation of 22 billion dollars is desperate to raise funds at a pre-money valuation of just 25 million dollars.
2. It’s been almost a year since Byju’s last raised any funds and has been continuously losing money.
3. According to one Moneycontrol report, Byju Raveendran has even mortgaged his house to pay the salaries of his employees, pay the lenders and vendors.

PB Fintech reports maiden profit:

1. PB Fintech, which owns both insurance marketplace Policybazaar and credit marketplace Paisabazaar, joined the list of Indian startups that became profitable after posting their first-ever net profit in the Q3 of FY24 - making 37 crore rupees as profit after tax (PAT) on a revenue of 871 crore rupees in Q3 of FY24.
2. Policybazaar has sold 39.8 million policies to 15.7 million customers till date, making them India’s leading insurance aggregator with a 93% market share.
3. The company credits their improved business in terms of “claims ratios and retention ratios” as key to their profitability.

Zepto planning to move their headquarters back to India:

1. Quick commerce unicorn Zepto is the latest to join the ranks of startups that are planning to move their headquarters back to India.
2. According to Inc42 report, their reverse flipping isn’t yet finalised but they are reportedly looking to register in India by the end of 2024.
3. What’s interesting is the fact that investors could be taxed as much as 42%, according to Inc42, if they plan to make Zepto and Indian company and mkight cloud them as much as 600 million dollars.

Zomato removes “On-Time Guarantee” benefit for Zomato Gold members:

1. Zomato’s CFO Akshat Goyal said that Zomato Gold members are less profitable for the company than the Non-Gold members.
2. But it is crucial for them to build loyalty among their users - 3.8 million of whom have opted to become Zomato Gold members.
3. Akshat did mention that going forward they plan on “reducing the negative impact” Gold member orders have on their business.

ONDC pilots into financial services:

1. ONDC has successfully piloted financial services on the platform in partnership with Easypay and DMI Finance.
2. ONDC is looking to build an entire infrastructure for three financial product segments - credit, insurance and wealth management.

Funding news:

1. First month of 2024 is over and Indian startups ended up raising 558.27 million throughout the month.
2. Just last week, Bhavish Aggarwal’s Krutrim AI raised 50 million dollars to become the first unicorn of 2024
3. The biggest funding round of the month was raised by Vivifi India Finance - which raised 75 million dollars.
4. The third highest funding went to Kolkata-based QSR brand Wow Momo, which raised 42 million dollars.
5. If we look at sector-wise funding, the Fintech industry raised the most at 158.49 million dollars, followed by the E-commerce industry at 77.46 million dollars, followed by AI with Krutrim alone raising 50 million dollars.
6. This week Indian startups raised a total of 74 million dollars.
7. First up, we have Gurugram-based EV ride hailing startup BluSmart, which has raised 25 million dollars in a mix of equity and debt round.
8. MoveInSync, which offers SaaS-based solution to manage fleet operations, has raised 15 million dollars in their series C round.
9. Wiz Freight, which has raised another 15 million dollars in their series B round.
10. p0, which uses LLMs (large language models) to detect security issues in the code before it is being shipped,has raised 6.5 million dollars in their seed round.