31st March 2022
Good Morning! 

The last day of March is already here as well. Financial year closing guys, we hope you all had a great one, if not there is always FY23. Aren't you all surprised we are already done with the first quarter of this year? We genuinely feel time has started passing by quicker since COVID hit, some scientists need to check on that. 



+ 1.28%



+ 1.00%



- 0.21%



+ 0.38%



- 3.7 bps



+ 2.82%

*As of market close

  • Markets: Stocks were up for a third straight day yesterday, and tbh investors seem to be shaking off concerns brought by high commodity prices. Financials, auto and IT shares did well yesterday but metals were a spoilsport.


Another One Joins The Club
Man carrying beer

Another one joins the club, and another one joins the club! We know you read that to the tune of Another one bites the dust
Another one of our Indian startups joined the club. You know the one– the unicorn club. 

Games24x7 has raised $75 million and is now valued at $2.5 billion.

As you'd have probably guessed from the name Games24x7 operates in the gaming space. They have a whole portfolio of games, hence the name.
If you have played the most famous card game RummyCircle online here you've got Games24x7 to thank for that. They do have other popular games as well, like the fantasy game My11Circle and a whole host of casual ones under the brand name U Games.

They have struck a chord with users with them attracting over 100 million users! 
Games24x7 is also already profitable. As per some reports, they made $173 million in revenue last year, how profitable that was though is disputed with different sources reporting different numbers. The number ranges from $15 million to $50 million. But hey, they are profitable and still growing is what matters.

Other fantasy sports competitors like MPL are still posting losses but Games24x7 seems to be raking in the moolah from their card games. We desis do love playing cards.


Done Deal
Auctioneer - Sold!

Axis Bank has bought out Citibank's retail lending business in India.

Axis will pay the princely sum of Rs 12,325 crores for it, and also included in the deal is the retail lending part of an NBFC run by Citi called Citicorp Finance (India) Ltd.

In April last year, US-based Citigroup had announced they'll be exiting 13 markets, and India was one among them. They employed 3,600 people here, and all will now be part of Axis Bank - so luckily no job losses.

Citi had a consumer loan portfolio of Rs 27,400 crores, including credit cards, mortgages, personal loans and some others.
They had 25 lakh credit cards, deposits of Rs 50k crores and wealth management assets worth Rs 1.1 lakh crores as well, managed across 7 offices and 21 branches.

Citi's credit cards were the most in-demand thing when the sale was announced because they're primarily marketed to affluent consumers who bring in more revenue.

Axis Bank is the number 4 player in the credit card space in India with ~86 lakh cards issued. This acquisition and the 25 lakh cards that come with it will help Axis reach a step closer to ICICI Bank in the #3 spot with 1.27 crore credit cards. And then these affluent customers will also help with Axis' wealth management business.

The deal should close in 9-12 months and is expected to increase Axis Bank's earnings per share going ahead (EPS accretive).


Waah Agritech
Money gun

Agritech is one sector we've eagerly been hoping to cover a lot more this year.
FarMart is here to help us out with that. They just raised $32 million.

Salesforce For Agri Retailers

FarMart is trying to use tech to digitise the whole process of food retailers sourcing from farmers. They work with selected agri retailers across the country and are branding themselves as the Salesforce for retailers. Basically, they want to be the CRM for Agri retailers but using that they do much much more.

Using FarmArt retailers can easily digitise and organise their customer database, register farmers, raise digital invoices, communicate changes in inventory and provide curated news advisory services to farmers.

The agri retailers they partner with act as aggregation agents for a farmer's harvest.
Mostly agri retailers aggregate produce from farmers within their vicinity and because of FarMart farmers end up getting better price realisation and faster payments. So farmers also benefit.

FarMart has even partnered with several businesses who they help source produce from farmers at the right price without involving multiple intermediaries. Because FarMart has its trusted retailers across the country businesses can source from close to their state mostly which leads to lower transportation costs and less spillage that is found on longer journeys. So even businesses benefit.

The Takeaway

We are honestly amazed by all the agri-tech solutions thought of by founders here. Agriculture employs ~42% of our workforce and a lot of farmers still make losses. We really hope our Agritech products help solve this.

On a Lighter Note

Campus Ambassador Program

If you are a college student do check out our campus ambassador program. 
For more deets follow this link.

If you have more time ...

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