7th April 2022
Good Morning! 

We saw a bit of the IPL yesterday, and Pat Cummins' 56 in 15 deliveries has us wondering which 10-minute delivery startup will sign him as brand ambassador first? 

Also, does anyone else feel the tournament isn't as fun to watch as it used to be?



- 0.94%



- 0.83%



+ 0.69%



+ 0.56%



+ 1.9 bps



+ 0.40%

*As of market close

  • Markets: Stocks were down yesterday as sentiment kind of shifted in overnight trade in the US after the Vice-Chair of the Federal Reserve said a "rapid" reduction in the Fed's balance sheet could happen as soon as May.


Bandhan Mutual Fund - Coming Soon?

Bandhan Bank's parent company is in the lead to buy IDFC Asset Managemet Company.

A consortium of buyers, led by Bandhan Financial Holding is willing to pay Rs 4,500 crores for the company that runs IDFC Mutual Funds. Bandhan holds 60% stake in the consortium, and the remaining 40% is split evenly between private equity firm ChrysCapital and Singapore's sovereign fund GIC

This will allow the Kolkata-based Bandhan group to enter the rapidly growing mutual fund business in India. They already distribute MFs of other companies at Bandhan Bank, but now they'll have their own.

IDFC's chairman said there was a lot of interest in the deal, and they chose this Bandhan consortium because they had the best offer. 

In FY21, IDFC MF made a profit of Rs 144 crores, a huge jump on the Rs 79 crores they made in FY20. On average, IDFC had Rs 1.21 lakh crores assets under management from Jan-Mar'22, making it the 9th biggest mutual fund company in India.  

For comparison, SBI is number 1 with over Rs 6 lakh crores under management, and the whole industry is estimated to have ~Rs 38 lakh crores!

This deal will be subject to regulatory approval, but no major obstacles are expected


New Business Model, Who Dis?
New phone who dis

Jet Airways' comeback is getting closer to reality, and the new management has new plans for the way the airline will be run (Thank goodness, since the old ones ran it into the ground).

Jet Airways will now be a mix of premium and no-frills flight services. Business-class passengers will get all the extras, while the economy class will be similar to the likes of Indigo, where passengers have to pay extra for virtually everything.

The new owners of Jet, a team of Dubai-based businessman ML Jalan and London-based Kalrcok Capital have said they'll invest $120million into the airline. The new CEO of Jet will be Sanjeev Kapoor (not the chef lol), who used to be the COO at SpiceJet back in 2014. He's also worked in senior roles at Vistara.

If you recall, Jet went bankrupt and had to ground all its planes in early 2019. Since then they've been going through this court-ordered restructuring. It's almost time for Jet Airways to fly again though as they have some test flights planned for later this month. If/when this goes smoothly, the new owners will get the green signal to put in more money.

2022 could be a fun year if you're planning to travel in India - Rakesh Jhunjhunwala's Akasa Air is also getting ready to launch this year, along with the newly-privatized Air India. Now if only ticket prices could come down a little bit....


Paanchacorn Alert
Money gun

We keep saying content is king, but this latest raise proves that VCs clearly believe in what we say.
VerSe, the parent company of DailyHunt, has raised $805 million and is now a 'Paanchacorn'.

VerSe works on 2 majorly popular apps and 1 app that's growing and a few upcoming apps.

Their local news aggregation app – Dailyhunt is super popular here with it reaching close to 300 million users. They provide content in 14 languages so you can see how that's possible.
But one of the reasons investors are going gaga over VerSe is that it is among the leaders of the 'Biggest Tik Tok Clone Jeetega' contest.
VerSe's version of TikTok called 'Josh' was launched right after Tik Tok's ban here in India and the 'josh' for it has been pretty high. Josh now claims to have 139 million monthly active users.

The 1 growing app we are talking about is a video-only hyperlocal app called Publicvibe. This is kind of like the Inshorts app – Public. Both these apps are calling themselves the social network for everything local. Whatever local updates and happenings to local commerce, jobs, and classifieds you want are on there. They do this by enabling people to record videos and share what's happening around them.

PublicVibe already has over 5 million Monthly Active Users, as per Entrackr.

Apparently, VerSe is now also considering expanding into Web 3.0 to make money and is looking to become a company that is worthy of going public.

Fun fact this is India's largest fundraise so far this year. Do you think we get something bigger than this with the current market environment?

PS: For new readers, we've been trying to get the word 'Paanchacorn' ($5 billion valuation) into the Indian startup dictionary. Clearly, we've been failing so far.

On a Lighter Note
  • An entry kiosk at a US Airport just straight up asks travellers "Are you a terrorist?"  Wonder what happens if you click on 'Yes' by accident.
  • Bring Your Own Tea -  A truck spilt a whole load of McVities Digestive biscuits on the road somewhere in the UK. 

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If you have more time ...

  • The US has said that India will face significant costs if our govt aligns itself with Russia. 

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