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6 Indian startups are among world's top 100 unicorns

Byju's is India's highest-ranked unicorn at 14, followed by Dream11 and Swiggy at 84, both valued at $8 billion. Razorpay, Ola, and Netskope rank at a joint 94.

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ADITYA SINGH
April 27, 2023

Thursday, April 27th 2023

Good Morning ☕

The Indian economy has been making waves in the news recently with a flurry of positive and negative developments across different sectors. In the latest World Bank's Logistics Performance Index 2023, India has jumped six places, showcasing improvements in the country's logistics infrastructure. On the startup front, six Indian startups have made it to the list of top 100 unicorns in the world, highlighting the strong entrepreneurial spirit in the country. The healthcare industry also saw a significant event with the Mankind Pharma IPO hitting the market and receiving an 87% subscription rate. However, the COVID-19 situation remains a concern with 9,629 new cases being reported in the last 24 hours.

1. India Jumps Six Places In World Bank's Logistics Performance Index 2023

India has jumped six places to rank 38 out of 139 countries in the 7th edition of the World Bank's Logistics Performance Index 2023, with remarkable improvement on four out of six LPI indicators. The government attributed the improvement to the PM GatiShakti National Master Plan and the National Logistics Policy, which emphasized the shift towards more energy-efficient modes of transportation and greener fuels. The government also invested in trade-related soft and hard infrastructure and implemented the Logistics Data Bank project to improve cross-border trade facilitation and promote healthy competition amongst ports. Initiatives like Sagarmala and Bharatmala have also played a pivotal role in improving India’s logistics efficiency, the Ministry of Commerce & Industry said.

2. These 6 Indian startups are among world's top 100 unicorns

Source: Statista

Six Indian companies made it to the World's Top 100 Unicorns list released by Hurun, with India retaining the third spot on the Index with 68 unicorns featured this year. Byju's is India's highest-ranked unicorn at 14, followed by Dream11 and Swiggy at 84, both valued at $8 billion. Razorpay, Ola, and Netskope rank at a joint 94. The US has the highest number of unicorns, followed by China, with ByteDance, SpaceX, and Ant Group topping the list. Payments and banking platform Razorpay is one of the Indian unicorns listed.

3. Bitcoin rises 10%, climbs to $30,000 for second time in April

Bitcoin rose to $30,000 as traders expect the US Federal Reserve to infuse capital into the economy amid banking crises. This is the second time the cryptocurrency has hit the $30,000 mark this month. However, despite the significant increase in prices this year, Bitcoin is still trading at less than half its peak value of nearly $69,000 in November 2021, and has seen a decrease in volume, market depth, and liquidity, according to Ambre Soubiran, CEO of crypto data provider Kaiko. The surge in Bitcoin has been driven by various narratives, including its role as an inflation hedge and its ability to bypass weaknesses inherent in traditional banking systems, but its movements have typically aligned with changes in the S&P 500.

4. Mankind Pharma IPO hits the market: Offer subscribed 87%

Pharmaceutical company Mankind Pharma's initial public offering (IPO) has been subscribed 87%, with bids for 2.45 crore equity shares against an offer size of 2.8 crore shares on the second day of bidding. Retail investors have bid for 25% of the shares reserved for them, while high net-worth individuals have bought 61.47 lakh shares against their quota of 60 lakh shares, and qualified institutional buyers have bid for 1.48 crore shares against their reserved quota of 80.11 lakh shares.

5. India Reports 9,629 New Covid Cases in Last 24 hrs

India has reported 9,629 new Covid-19 cases in the last 24 hours, marking a surge in infections compared to the previous day's count of 6,660 cases. The country's active Covid-19 cases have decreased to 61,013 from 63,380. The death toll has increased to 5,31,398 after 29 deaths were reported in the last 24 hours. The daily positivity rate is 5.38 percent and the weekly positivity rate is 5.61 percent. The Covid-19 case tally in the country is at 4.49 crore. According to a recent study, the current Covid-19 surge in India is mostly affecting children, with most of them showing mild febrile illness symptoms.

6. Delhi HC issues notice on Google appeal against order directing CCI to decide plea of Startups against new payment policy

Google's parent company Alphabet Inc. has filed an appeal against a single judge order that directed the Competition Commission of India (CCI) to decide the applications moved by an alliance of start-ups against the tech giant's new in-app user choice billing policy by April 26. The Delhi high court has issued a notice on the appeal and sought the response of the Alliance of Digital India Foundation (ADIF), posting the matter for hearing on July 19.

The court had earlier directed CCI to decide the applications against the new policy, while saying that proceedings before CCI would not be vitiated due to vacancy or any defect in its constitution. ADIF had moved the high court underlining that under its user-choice billing policy, which was slated to come into force from April 26, Google would be able to charge service fee at 11% or 26% in case of third-party payment processors, which is anti-competitive and an attempt to bypass an order passed by the CCI.

7. UK blocks Microsoft's $69 billion Activision deal

British regulators have halted Microsoft's acquisition of Activision Blizzard for $69 billion, citing concerns that the merger would harm competition in the fast-growing cloud gaming market. The deal was expected to give Microsoft control of popular game franchises such as Call of Duty and World of Warcraft, leading to opposition from rival Sony and scrutiny from regulators in the US and Europe. The companies have said they will appeal the decision, but if the deal is blocked, Microsoft may be liable for a break-up fee of up to $3 billion.

8. These US firms are paying more than ₹7 lakhs per month to interns

Glassdoor recently shared a report that highlighted the highest-paying US internships with average monthly salaries, more than double what the average intern earned last year. The list was led by fintech unicorn Stripe, offering an average monthly salary of $9,064 (approximately ₹7.4 lakh), followed by video game developer Roblox Corp. The ranking was based on salary reports shared in the past year by current and former US-based interns on the platform. Other well-paid internships were found on Wall Street and consulting. The report is a reminder that many companies pay their interns competitively.

9. Hinduja Group Firm Emerges As Highest Bidder For Reliance Capital In Second Auction

IndusInd International Holdings Ltd (IIHL), a Hinduja Group entity, has become the highest bidder in the second round of auction for debt-ridden Reliance Capital with an offer of Rs 9,650 crore, which is an all-cash bid. The bid is bigger than Torrent Investments' bid of Rs 8,640 crore in the first round of auction in December last year. The other two bidders, Torrent Investments and Oaktree, did not participate in the second round of bidding. The Committee of Creditors (CoC) had set a minimum bid amount of Rs 9,500 crore for the first round and Rs 10,000 crore for the second round. The resolution procedure has been extended by three months to 16 July by the National Company Law Tribunal (NCLT) Mumbai bench.

10. Alphabet first quarter earnings top estimates, announces $70B stock buyback

Alphabet, the parent company of Google and YouTube, has reported Q1 earnings that beat analysts' expectations, with revenue of $69.7 billion and EPS of $1.17. Google Ad revenue was $54.55 billion and YouTube Ad revenue was $6.69 billion, the latter showing growth after a few difficult quarters. Additionally, Alphabet's cloud unit turned a profit for the first time, with revenue growth of 28%. The company also announced a $70 billion stock buyback. Losses related to Alphabet's AI efforts totaled $3.3 billion during the first quarter, while its Other Bets segment lost $1.23 billion.

Here are the key numbers from Alphabet's earnings, compared to analysts' estimates compiled by Bloomberg:

  • Revenue: $69.7 billion actual versus $68.96 billion expected

  • EPS: $1.17 actual versus $1.08 expected

  • Google Ad Revenue: $54.55 billion actual versus $53.75 billion expected

  • YouTube Ad Revenue: $6.69 billion actual versus $6.64 billion expected

What else is happening around the world?