PhonePe revenue jumps 74%📈
PhonePe revenue jumps 74%📈
BigBasket to fully play in q-comm, Policybazaar’s dream run, Cobranded credit cards to form 25% of market, Funding Deals and more.
Good morning and welcome to Tuesday’s edition of Rise & Shine!
“The pursuit of knowledge is a lifelong adventure; let curiosity be your guide and determination your compass.”
Today, let's celebrate the unending journey of learning with a quote that encourages us to remain curious and determined.
It is a continuous, dynamic process driven by curiosity and steered by unwavering determination. Embracing this mindset opens up a world of possibilities and discoveries.
Tech Updates
PhonePe posts 74% jump in FY24 revenue to Rs 5,064 crore
Walmart-backed PhonePe reported a revenue of Rs 5,064 crore for the fiscal year ending March 2024, up 74% from Rs 2,914 crore a year ago. The Bengaluru-based firm has been actively expanding its product suite beyond payments, venturing into insurance, merchant lending, and wealth management in a broader effort to diversify its revenue sources.
BigBasket set to fully play in quick commerce league
BigBasket is set to become a full-scale quick-commerce platform. Though a relatively late entrant, the company is seeing over 50% of sales coming in from its BB Now vertical, which delivers in 10 minutes. In the coming weeks, BigBasket will only offer 10- to 30-minute delivery services, moving away from its slotted two-hour and next-day fulfilment.
Policybazaar’s dream run at the bourses decoded
PBFintech, the parent entity of Policybazaar, is having a dream run at the stock exchanges. The company is nearing a $10 billion market capitalisation as its stock price has grown to around Rs 1,800 from Rs 1,000 six months ago.
Cobranded credit cards to form 25% of market by FY28: report
Cobranded credit cards are expected to account for about a fourth of the Indian credit card market in terms of issuances by the end of FY28, as per a report by fintech startup Hyperface and consultancy firm Redseer. Relevant rewards, strategic partnerships and exclusive deals will propel cobranded credit cards to grow at 35-40% CAGR. Currently, cobranded credit cards have a market share of 12-15%.
Funding Deals
HouseEazy, a full stack marketplace for resale homes, has raised $7 million in Series A funding. This round was a mix of equity and debt led by Chiratae Ventures and saw participation from Alteria Capital and existing investor Antler.
Convin, an AI-powered conversation intelligence platform, has raised $6.5 million in a funding round led by India Quotient.
Insurtech platform InsurancePadosi has raised $500K in a pre-seed funding round led by Antler along with participation of Hemant Kaul and Satish Pillai.
🧬 Short Story: The Lifelong Learner
Thomas, an accomplished engineer in his late fifties, had always been intrigued by history and archaeology. Despite his successful career, he felt something was missing—a deeper understanding of the past.
Inspired by today’s quote, Thomas decided to enroll in history classes at his local university.
Balancing work and study was challenging, but Thomas’s curiosity fueled his enthusiasm, and his determination kept him focused. Over time, he not only gained a wealth of knowledge but also contributed to his community by leading educational workshops that combined his engineering expertise with historical constructions.
Thomas's story illustrates that it's never too late to follow your intellectual passions, and with curiosity as your guide, every step in the journey can be enriching.
Tweet of the day🐥
As you go about your day, think of ways to feed your curiosity and use your determination to explore new areas of knowledge.
Whether it’s picking up a book on an unfamiliar subject, enrolling in a course, or simply asking more questions, every effort counts.
Rise & Shine reminds you that the learning path is vast and filled with endless wonders.
Have an adventurous and knowledge-filled Tuesday!
Thanks for reading till the end!