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6th January 2022
Good Morning! 

Yesterday was the 25th anniversary of the Nifty 50 and the 20th-anniversary of Nifty futures and options trading.
The Index represents 50 large-cap, highly liquid stocks across 13 sectors and has grown 15x in these past 25 years, delivering an average return of 11.2% each year.
 
  MARKETS
 

SENSEX

60,223.15

+ 0.61%

NIFTY

17,925.25

+ 0.67%

US$

74.36

- 0.26%

GOLD

48,038

+ 0.19%

10-YR

6.51%

- 0.9 bps

OIL

5,820

+ 1.02%

*As of market close

  • Markets: Sensex and Nifty50 were up nicely for the 4th day in a row yesterday. Buying interest in banking stocks, as well as in metal and consumer names, pushed the markets higher. However, the IT sector didn't do too well.

Corporate

Hiring/Firing
Now hiring

Its a new year and people are naturally looking for new excitement and opportunities as well. Americans were most excited about this it seems, as US gov data shows that a record 4.5 million people in the US quit their jobs towards the end of 2021!

And here in India, the CEO of Jet Airways has quit, just as the airline was getting ready for the skies once again.

Sudhir Gaur was appointed acting CEO of the airline in July last year, but has quit barely six months later. The reason is not known, and they do apparently have an interim successor lined up, but the timing of this exit seems far from ideal.

The Jalan-Kalrock consortium which won the bid for the airline is keen to get it started ASAP. They even wrote to the NCLT a few weeks ago, requesting them to hurry up with the implementation of the resolution plan which was approved in June last year.

But now they themselves are without a leader at the top, and at this rate, it looks like Rakesh Jhunjhunwala's Akasa Air might start operations before Jet.

SEBI Hiring
The Securities and Exchange Board of India has stepped up its hiring plans for this year and is looking to add 120 hawk-eyed senior executives to its ranks.

The reason, as reported by BloombergQuint, is that they're trying to deal with the increased workload thanks to the IPO boom we've seen. Also, with the mammoth LIC of India being lined up for a March entry on the stock market, SEBI will need all the help it can get to make sure everyone's following the rules.

Other large IPOs include SBI Mutual Funds, More Retail and even Flipkart and Byju's later in 2022.

Now we know a lot of financial market enthusiasts are subscribers of The Gyst, so in case you're keen, here's the link to SEBI's official post for the job openings.

Actually, you (and me) could also apply for the Jet Airways CEO job, but we couldn't find the posting on any job portal 🤷‍♀️😅.

Tech

Two in One (Week)
Money gun

It's not even our first full week of 2022 and we've had our 2nd Indian startup enter the club. You know the one – the unicorn club.

The AI startup Fractal just raised $360 million and is now valued at over $1 billion.

We remember how a few years back literally every startup was calling itself an AI startup, just like every startup nowadays is a web3 startup. The joke at that time was that AI stands for anonymous Indians, but Fractal actually started well before that boom.

Fractal started 21 years ago, and honestly even we were surprised to know they actually started as a data analytics company back then. But with the whole AI craze, they decided to focus more on it.

They serve more than 100 of the top 500 companies in the world, all with more than $10 billion in revenue.

As a result, they provide AI solutions across sectors.
For example, they have Qure.ai which assists radiologists in making better diagnostic decisions. Theremin.ai helps firms improve investment decisions and many more such products.

Their CEO even talked about how they solve every human problem in the enterprise. Since enterprises are getting disrupted by COVID someone please tell these guys to solve COVID also. JK.

Fractal is expecting to close this fiscal year with $160 million in revenue! Considering they have been at it for the past 21 years, the one question that comes to mind is when do they plan on going public?

And the answer to that is soon, but we don't know how soon. (So its just like our answer to when we are going to start working out again.)

One thing that stood out is that they've raised $685 million to date and are now at the $1 billion valuations after 21 years.
Meanwhile last year Mensa Brands became a unicorn after raising $218 million.
Times have definitely changed, haven't they?

Tech

Still Flying High
Money gun

The B2B startup Udaan just raised $250 million. This wasn't your usual round btw.
$200 million of what they raised was via a convertible note and the rest $50 million was debt.

A quick recap on Udaan

Most of the B2B market in India is as unorganized as we are. If you want to start a small business, particularly in a smaller city, you often have to travel to the big city or where the major dealers are. We all know how sharp established traders in India are. So you can imagine how, as a small new business, you wouldn't have much leverage in negotiating a good deal with these guys.

Udaan solves this issue.

They connect small and medium-sized businesses - manufacturers, traders and retailers to sell goods and services to each other online.

Clearly, the solution was something businesses were looking for, as Udaan now has 3 million+ such users.

Udaan also has plans to go public soon, just like many other startups out there. We have a feeling this fundraising round could be one of those bridge raises before they prepare for the public markets.

On a Lighter Note
  • Tinder on Steroids - this dude in the UK is advertising himself to women on huge billboards to 'save himself' from an arranged marriage

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